India and UAE: A Partnership of Complementarities

 


India and the United Arab Emirates (UAE) have leveraged their respective strengths to forge a robust partnership across multiple sectors, according to Sunjay Sudhir, the Indian Ambassador to the UAE. In a recent discussion with WAM on the occasion of Indian Independence Day, Sudhir highlighted the rapid and positive evolution of India-UAE relations under the leadership of both nations.

The relationship between India and the UAE has reached new heights, with significant advancements in economic cooperation and people-to-people connections. Sudhir pointed to the integration of financial systems as a key example of this growing synergy. The launch of the United Payments Interface (UPI) in the UAE and the Rupee-Dirham Local Currency Trade Settlement Mechanism reflect the deepening financial ties between the two countries. Additionally, India’s RuPay Card now supports the UAE’s domestic card network, Jaywan, enhancing transactional ease and connectivity.

Furthering this integration, the bilateral agreement linking India’s UPI with the UAE’s AANI payment platforms, and the inter-linking of RuPay with Jaywan, signifies a major step in financial collaboration. The UAE’s strengths in global logistics are also set to benefit from initiatives like the “Bharat Mart” in Dubai, a hub for Indian exports aimed at bolstering trade and economic ties.

The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE has already shown promising results, driving up bilateral trade. Notably, the UAE stands out as the only country with which India has both an active CEPA and a Bilateral Investment Treaty (BIT), underscoring a unique and valuable relationship.

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