India and UAE to increase mutual trade by 60% by June 2017

The Dollar Business Bureau

In a recent meeting, the Indian Prime Minister and Prince Abu Dhabi Sheikh Mohammed Bin Zayed Al Nahyan discussed issues related to matters such as security, defence, and energy. Confirming the joint statement made by India and UAE, the bilateral engagements will be concluded by June 2017.

Also, a 60% increase in mutual trade between the two countries has been targeted by June 2017.

In a meeting held on 25 Feb 2017, the Indian PM and the Prince of Abu Dhabi decided to improvise mutual trade. The meeting included discussions and interests concerning security issues such as counter terrorism, cyber security, and maritime security. Both the leaders agreed to exchange maritime training to curb piracy.

The report stated that the leaders are working mutually to resolve issues such as money laundering, fake currency smuggling, drug and human trafficking, illegal migration and other cross-nation crimes  occurring between India and UAE. The parties also agreed to extemporise their defence relations including joint exercises, and training of land, marine and air forces.

By June 2017, both the parties planned to improve and develop mutual trade and economic opportunities. They also planned to leverage their strategic bond in order to increase bilateral trade by 60% for the next five years.

UAE will be investing $75 billion in India’s National Infrastructure Investment Mutual Fund in order to develop infrastructure in areas such as power generation transmission, energy, defence production, organisational corridors and parks, railways, shipping, logistics, roads.

According to the statement, the parties agreed to concentrate more on investment and joint ventures in petroleum complexes to improve buyer-seller relations in the energy sector. They agreed to hold the next meeting of the Joint Defence Cooperation Committee on manpower issues before June 2017. The meeting could lead to MoUs on labour and power.

The upcoming meeting would also include deliberations on mutual interests in the matters of Civil Aviation and Cruise tourism between the nations.

It is also likely that the forthcoming discussions would focus on identifying capable sectors and developing sector-wise strategy for increase of mutual trade and investments. The countries also agreed to exchange information related to tax matters under the Double Taxation Avoidance Agreement.