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Thu 26 Jan 2017 02:56 PM

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UAE, India seek action plan to increase bilateral trade by 60%

Indian PM Narendra Modi and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, agree to develop plan of action by June

UAE, India seek action plan to increase bilateral trade by 60%
The Crown Prince of Abu Dhabi Sheikh Mohammed Bin Zayed Al Nahyan (L) is greeted by Indian Prime Minister Narendra Modi as he arrives at the air force station in New Delhi on January 24. (PRAKASH SINGH/AFP/Getty Images)

The UAE and India are to develop action plans by June in a bid to increase bilateral trade by 60 percent over the next five years.

Indian Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, agreed that the UAE and India must continue to cooperate closely in order to expand mutual trade and economic opportunities.

In a statement, they said that in order to develop a medium and long term strategy for increasing bilateral trade by 60 percent over the next five years, the two sides will conduct studies to come up with action plans by the middle of 2017.

These will focus on identification of potential sectors and the impeding tariff and non-tariff barriers, exploring opportunities in services sector and formulating a sector-specific strategy to boost two way trade and investments, the statement carried by state news agency WAM said.

The two leaders lauded the work of the UAE-India High Level Task Force on Investments, and reiterated the important role it plays in promoting economic and investments cooperation between the two countries.

The statement said the UAE reaffirmed its interest in investing in infrastructure development in India, especially in priority areas such as energy, power generation and transmission, defence production, industrial corridors and parks, railways, roads, ports, shipping and logistics.

It added that the two leaders reviewed the progress in realising the $75 billion target for UAE investments in India's plans for rapid expansion of its infrastructure, agreeing that a Joint Working Group should meet regularly.

On the subject of people and skill development, Sheikh Mohamed conveyed his deep appreciation for the contributions and the role played by the Indian community in the UAE to the progress and development of their host country.

Regarding civil aviation, the two sides agreed to convene consultations between their respective authorities in the first half of 2017 to discuss key areas of mutual interest including an increase to the 1,050 flights per week between India and UAE.

The leaders also agreed to explore the feasibility of cruise routes between India and UAE and to prepare an action plan and detailed road map for the development of cruise shipping.

The statement was released at the end of Sheikh Mohamed's visit to India as the Chief Guest of India's 68th Republic Day celebrations.

Anup Patel 2 years ago

India's dominance of the UAE will continue. They have the highest population in the UAE and financially hold many billionaires there. Population and money creates power. The size of India and their growth as a nation is naturally going to have a gravity pull to create further wealth. Slowly the UAE will behind the scenes just be like another Indian state. As all the above factors will give them international political power within the GCC.