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ET India UAE Strategic Conclave 2017
September 27, 2017 - September 28, 2017
India and the United Arab Emirates have engaged in trading relations with each other for centuries, though now a new era has dawned. The countries have recently elevated their trade relations to a ‘Comprehensive Strategic Partnership’.
Relations further tightened when Abu Dhabi’s Crown Prince Sheikh Mohamed Bin Zayed Al Nahyan visited India in February 2016. The relationship then took a step forward with the Crown Prince’s invitation as the chief guest at India’s Republic Day parade in January 2017.
India is the largest trading partner of the UAE, while the UAE is India’s third largest trading partner. Thus, the bilateral negotiations between the two hold tremendous importance. During his visit, the Abu Dhabi Crown Prince and Prime Minister Modi signed 14 agreements solidifying the countries’ bond. Beyond the agreement to identify a comprehensive strategic partnership, 13 MoUs were signed. These covered matters of defence, energy, security and maritime trade among other issues.
Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company (ADNOC) signed a highlighted agreement. This milestone energy agreement aims to set up a framework for proper storage and management of crude oil by ADNOC in India. Another initiative was a MoU enhancing maritime trade ties. Facilitation of maritime transport and strengthening cooperation will also bolster a joint effort to curb piracy in the Gulf and Indian Ocean.