Wed Sep 11 03:59:41 UTC 2024: ## India and UAE Strengthen Economic Ties with New Agreements during Crown Prince’s Visit

**Mumbai/New Delhi, Sep 10 (UNI)** – During the official visit of Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan to India, a business event in Mumbai witnessed the signing of two key agreements, further strengthening the economic partnership between the two nations.

**Virtual Trade Corridor and MAITRI Interface Launched:**

One significant agreement was the launch of the India-UAE Virtual Trade Corridor (VTC) and the MAITRI interface, both integral parts of the ambitious India-Middle East-Europe Economic Corridor (IMEEC) project. The VTC aims to streamline trade processes, reducing administrative burden, logistics costs, and enhancing ease of doing business. The MAITRI interface, a Master Application for International Trade and Regulatory Interface, will connect multiple Indian and UAE portals, optimizing trade efficiencies and facilitating regulatory compliance.

**Critical Minerals Collaboration Agreement:**

The second agreement was an MoU between International Resources Holding RSC LTD (UAE) and a consortium of Indian companies, including Oil India Ltd, Khanij Bidesh India Ltd, and ONGC India Ltd. This agreement focuses on global collaboration in critical mineral supply chains, with a particular emphasis on exploration in third countries. This partnership will bolster the resilience of critical mineral supply chains, crucial for powering the digital economy.

**India-UAE Trade Flourishing:**

The India-UAE trade relationship continues to thrive, with bilateral trade reaching US$ 84 billion in 2023-24, making the UAE India’s third largest trading partner. The UAE is also India’s second largest export destination. Additionally, UAE investments in India between 2000-2023 are estimated at US$ 20-21 billion, with the UAE being the sixth biggest FDI investor in India in 2023-2024.

**Focus on Innovation and Future-Ready Economies:**

The India-UAE Business Forum, organized in Mumbai, focused on key sectors like healthcare, biotechnology, renewable energy, sustainability, AI, logistics, and agricultural technology. Sheikh Khaled reaffirmed the UAE’s commitment to further strengthening economic ties with India, emphasizing the significance of the UAE-India CEPA (Comprehensive Economic Partnership Agreement) in driving bilateral growth.

**Other Agreements at the Business Forum:**

* Lulu Group partnered with the Government of India’s Agricultural and Processed Food Export Development Authority to import Indian organic produce into the UAE.
* AD Ports Group and the Government of India’s Ministry of Ports, Shipping and Waterways collaborated on developing a virtual trade corridor between the UAE and India.
* Global Jet Technic signed agreements with Indian airlines to provide aircraft maintenance services at UAE airports.
* Abu Dhabi Chamber of Commerce and Industry and the Confederation of Indian Industry entered a collaboration to enhance investment opportunities in both countries.
* Rorix Holdings partnered with Adani Ports and Special Economic Zone Limited to integrate advanced technologies into India’s infrastructure and with the Indian Bullion and Jewellers Association to facilitate precious metal trading.

**Positive Outlook for Future Collaboration:**

Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted the significant increase in bilateral non-oil trade in the first six months of 2024, showcasing the benefits of the UAE-India CEPA. The forum served as a platform for direct connections between businesses and service providers from both countries, paving the way for further collaboration in the public and private sectors.

The visit of the Abu Dhabi Crown Prince and the agreements signed at the India-UAE Business Forum underscore the commitment of both nations to deepen their economic partnership and harness their collective strength for future growth and prosperity.

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