Prime Minister Narendra Modi today held talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan, who received him at the airport on his arrival from France.
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PM Modi, who flew to Abu Dhabi this morning after concluding his whirlwind France tour, received a ceremonial welcome at the presidential palace and also inspected the guard of honour.
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PM Modi and the UAE President announced that their countries have agreed to begin trade settlement in their currencies. This shows strong economic cooperation and mutual trust between the two countries, said the Prime Minister.
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“It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties,” he tweeted.
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The Prime Minister also said there was a 20% increase in India-UAE trade since the two countries signed the Comprehensive Economic Partnership Agreement last year. His remarks came following his meeting with the UAE President.
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He also said that he got the love of a brother from Mr Al Nahyan and that Indians see him as a “true friend”. “The manner in which ties between our countries have expanded, you have made a big contribution to that. Every person in India views you as a true friend,” he told the President.
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Meanwhile, the Reserve Bank of India and the Central Bank of the UAE have signed two Memorandums of Understanding to establish a framework to promote the use of local currencies for cross-border transactions and to interlink their payment and messaging systems.
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Sharing the update, PM Modi tweeted, “This is a very important aspect of India-UAE cooperation. It paves the way for enhanced economic collaboration and will make international financial interactions simpler.”
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He noted the UAE will this year take over the leadership of COP-28, the United Nations Climate Change Conference, and that he has decided to participate in it.
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PM Modi also met COP28 President-designate Sultan Al Jaber and assured India’s full support for UAE’s presidency for the climate conference.
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“Had a very productive meeting with Dr. Sultan Al Jaber, the President-designate of @COP28_UAE. Our discussions focused on ways to further sustainable development. Highlighted India’s contribution in this direction, in particular our emphasis on Mission LiFE,” tweeted PM Modi.
