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PM Narendra Modi Visit to UAE
- Prime Minister of India paid an official visit to the United Arab Emirates (UAE) on 15 July 2023.
- President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of India Narendra Modi met in Abu Dhabi on 15 July 2023.
- Both sides noted that this was the fifth visit of Prime Minister Narendra Modi to the UAE in the last eight years.
- Prime Minister Modi last visited the UAE in June 2022.
- In 2015, Prime Minister Modi became the first Prime Minister of India to visit the UAE in 34 years.
Key highlights of the visit
- India and the United Arab Emirates have agreed to start trade settlements in local currency.
- In this regard, an MoU between RBI and UAE Central Bank for the establishment of a framework to promote the use of local currencies (INR -AED) for cross-border transactions was signed.
- The MoU aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally.
- India and the UAE have agreed to link the Indian Unified Payments Interface (UPI) with the Gulf country’s Instant Payment Platform (IPP).
India – UAE Bilateral Relationship
- 14th India UAE Joint Commission meeting was held in Abu Dhabi on September 1, 2022, MOU between the Wildlife Institute of India and the International Fund for Houbara Conservation for the Conservation of the Great Indian Bustard and the Lesser Florican.
- In January 2017, India and UAE signed a Comprehensive Strategic Partnership Agreement.
- In February 2019, UAE invited India as the “Guest of Honour” to address the Inaugural Plenary, of 46 Session of the Organisation of Islamic Cooperation.
- PM Modi paid his third visit to the UAE in August 2019. He was awarded the highest civilian award of UAE called ‘Order of Zayed’.
- UAE is the guest country at G-20, being held under India’s presidency.
- India-UAE CEPA was signed on 18 February 2022 in New Delhi during the India-UAE Virtual Summit.
- Since the signing of CEPA, UAE has emerged as the fourth largest investor in India during 2022-23. It was the seventh largest investor in 2021-22.