‘India-UAE ties deepen as trade crosses $100 billion’: Indian envoy to UAE Deepak Mittal ahead of PM Modi’s visit
New Delhi: India and the United Arab Emirates (UAE) are set to further strengthen their strategic partnership during Prime Minister Narendra Modi’s upcoming visit to Abu Dhabi on May 15.
Ahead of the visit, India’s Ambassador to the UAE, Deepak Mittal, said the Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries in 2022 has significantly boosted bilateral economic ties, helping trade cross the $100 billion mark for the second consecutive year.
Calling CEPA a “transformational agreement”, Mittal said the pact has accelerated trade growth and expanded investment opportunities between the two nations.
“The trade has crossed USD 100 billion already, making the UAE the third-largest trading partner for India. For the UAE, India is now the second-largest trading partner,” Mittal said in an interview ahead of the Prime Minister’s visit.
The Indian envoy said the leadership of both countries has now set a target of achieving $200 billion in bilateral trade by 2032.
Mittal highlighted that non-oil trade now accounts for nearly two-thirds of total bilateral trade, indicating diversification in economic relations beyond the energy sector. Indian exports to the UAE have also witnessed strong growth following the implementation of CEPA.
PM Modi will meet UAE President Mohammed bin Zayed Al Nahyan during the visit. The two leaders are expected to review progress in bilateral cooperation and discuss regional and global developments, particularly the evolving situation in West Asia.
Mittal described the India-UAE relationship as one that has undergone a major transformation over the past decade under the leadership of PM Modi and Sheikh Mohamed bin Zayed. He noted that PM Modi’s upcoming visit would be his seventh to the UAE in nine years, underscoring the frequency and depth of high-level engagement between the two countries.
“The personal chemistry between the two leaders has become a strong driving force behind the relationship,” Mittal said, adding that the leaders have met 12 times over the past nine years, with the upcoming interaction marking their 13th engagement.
Energy cooperation is also expected to be a major focus of the visit. Mittal said the UAE continues to play a critical role in India’s energy security architecture and remains one of India’s top suppliers of crude oil, LNG and LPG.
“The UAE is the fourth-largest supplier of crude oil to India, meeting nearly 11 per cent of our requirements, and has consistently remained among the top LNG suppliers as well,” he said.
Mittal added that the UAE’s recent decision to exit the OPEC grouping could open new opportunities for expanding energy cooperation with India, including enhanced production, investments in energy infrastructure and greater collaboration in strategic reserves.
He noted that the UAE is currently the only country participating in India’s Strategic Petroleum Reserve programme, with over five million barrels of crude storage in India.
The envoy also said Indian companies and UAE energy giant ADNOC have entered into long-term LNG supply agreements exceeding 4.5 million metric tonnes.
Apart from energy and trade, connectivity and logistics cooperation are also emerging as important pillars of the partnership. Mittal said both countries are working to strengthen maritime connectivity between India’s western ports and UAE ports such as Khor Fakkan Port and Port of Fujairah.
He also highlighted the importance of the India-Middle East-Europe Economic Corridor (IMEC), describing the UAE as a crucial partner in the proposed multimodal connectivity initiative.
“We are working together on resilient supply chains, fintech cooperation and multimodal connectivity. The UAE becomes an important partner in this connectivity architecture,” Mittal said.
PM Modi’s UAE visit will mark the first leg of his five-nation tour from May 15 to 20, which also includes visits to Netherlands, Sweden, Norway and Italy.
(DD News)
