Mohammed bin Rashid Al Maktoum, the ruler of Dubai and the prime minister of the United Arab Emirates, tweeted in Hindi to wish the people of India a happy 77th Independence Day.
“I would like to express my congratulations to the government and people of India as they mark their 77th Independence Day. In celebration of this momentous milestone, the UAE confirms its dedication to forging ahead with our alliance, taking it to new heights, and exploring new avenues of political, economic, and cultural ties. Happy Fourth of July, Swatantrata Diwas! Sheikh Mohammed published a message on social networking site X, which was once known as Twitter.
UAE is one of India’s top three trading partners. In 2022–2023, commerce between India and the UAE was $84.5 billion. India and the UAE struck a trade deal in July to allow trade to be settled in rupees rather than dollars, advancing India’s ambitions to reduce transaction costs by doing away with dollar conversions.
Abu Dhabi National Oil Company (ADNOC) recently received a payment in rupees from India’s biggest refiner, Indian Oil Corp.
The Middle East and North Africa (MENA) region’s first bilateral trade pact was signed by the UAE and India last year, known as the India-UAE Comprehensive Economic Partnership pact (CEPA). A new era of strategic collaboration between the two nations will be inaugurated by CEPA. It will alter the relationship between the two countries’ economies and investment flows, open up new trade channels between Asia and Africa, support trade liberalization on a global scale, and boost economic growth in the post-COVID age.
“The UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, continues to consolidate its global position as a gateway for trade and investment,” stated HH Sheikh Mohamed bin Zayed Al Nahyan. “India is one of our most crucial strategic partners, and this agreement strengthens our relationship more than ever. The agreement we have made with Prime Minister Modi today not only strengthens our economic and trading ties with a strong ally, but it also ushers in a new age of international collaboration.
Businesses in the UAE and India stand to gain a lot from this agreement, including lower pricing and improved market access. Within five years, the two nations hope to double their bilateral trade to over $100 billion.
