New Delhi: Prime Minister Narendra Modi visited Abu Dhabi on July 17 to discuss better cooperation in areas like trade, energy and climate action. Modi signed an MoU for setting trade in domestic currencies.
The two countries signed an agreement to settle trade in national currencies and for setting up a link in real-time cross-border transactions.
With the signing of the Comprehensive Economic Partnership Agreement (CEPA), bilateral trade was boosted in February 2022. In 2022-23, the bilateral trade between India and the UAE was worth $84.5 billion.
The Indian Prime Minister then proceeded talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan at the Qasr Al Watan presidential palace. Modi and Sheikh Mohammed bin Zayed then participated in the signing of the two MoUs between the Reserve Bank of India and the Central Bank of UAE.
Modi and Sheikh Mohamed bin Zayed also held delegation-level and one-on-one talks, where they discussed bilateral cooperation in a range of areas, including trade, investment, fintech, energy, renewables, climate action, higher education and people-to-people ties.
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