Page 4 - India Uae

US, UAE discuss progress on India-Middle East-Europe Economic Corridor

US President Joe Biden and his counterpart from the United Arab Emirates Sheikh Mohamed bin Zayed discussed the progress of the landmark India-Middle East-Europe Economic Corridor (IMEC) and underscored its potential to usher in a "new era of international connectivity". The ambitious project was launched at the 2023 G20 Leaders' Summit in New Delhi, together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union. When complete, it would connect India by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece. At the meeting held at the White House on Monday, Biden and Zayed reaffirmed that the corridor will generate economic growth, increase efficiencies, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East, according to a joint statement. The two leaders underscored that the transformative partnership had the potential to usher in a

India, UAE showed women-led development can deliver better results: Murmu

India and the United Arab Emirates have demonstrated that women-led development can deliver more effective results for overall socio-economic development, President Droupadi Murmu said on Monday. Her assertion came during a meeting she had with the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan who had called on the President at the Rashtrapati Bhavan here. She also praised the UAE leadership for ensuring the welfare, particularly the special care taken during the difficult times of the Covid pandemic, of more than 35 lakh Indian citizens in the West Asian country. Murmu was also happy to note the high rate of participation and contribution of women in all aspects of Emirati society, a statement issued by the President's office said. She said, "Both our countries have demonstrated that women-led development can deliver more effective results for overall socio-economic development". The President expressed satisfaction that during the Crown Prince's visit,

India, UAE showed women-led development can deliver better results: Murmu

India and the United Arab Emirates have demonstrated that women-led development can deliver more effective results for overall socio-economic development, President Droupadi Murmu said on Monday. Her assertion came during a meeting she had with the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan who had called on the President at the Rashtrapati Bhavan here. She also praised the UAE leadership for ensuring the welfare, particularly the special care taken during the difficult times of the Covid pandemic, of more than 35 lakh Indian citizens in the West Asian country. Murmu was also happy to note the high rate of participation and contribution of women in all aspects of Emirati society, a statement issued by the President's office said. She said, "Both our countries have demonstrated that women-led development can deliver more effective results for overall socio-economic development". The President expressed satisfaction that during the Crown Prince's visit,

Four agreements signed between Indian, UAE entities in energy sector

India and the United Arab Emirates on Monday inked four agreements to expand energy cooperation as Prime Minister Narendra Modi held wide-ranging talks with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, focusing on boosting overall strategic ties. An Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Ltd and another between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) are among the four pacts. Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) also inked an MoU for the operation and maintenance of the Barakah Nuclear Power Plant, according to the Ministry of External Affairs (MEA). The fourth pact is a production concession agreement for Abu Dhabi onshore block-one between Urja Bharat and ADNOC. A separate pact was inked between the Gujarat government and Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India. MEA spokesperson .

ADNOC agrees to supply Indian Oil with 1 MMT LNG per year for 15 years

ADNOC has big ambitions in gas and LNG, which along with renewable energy and petrochemicals it sees as pillars for its future growth, putting it in competition with regional rivals Qatar

Abu Dhabi Crown Prince Al Nahyan receives warm welcome in Delhi on arrival

Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrived here to a warm welcome on Sunday as he kick-started a two-day maiden visit to India to further boost bilateral ties in a range of areas, including energy and connectivity, amid escalating tensions in West Asia. Commerce and Industry Minister Piyush Goyal received the Crown Prince at the airport following which he was accorded a ceremonial welcome, in reflection of the importance India has attached to the visit. "A new milestone in a historic relationship. His Highness Sheikh Khaled bin Zayed Al Nahyan arrived in Delhi on his first official visit to India," External Affairs Ministry Spokesperson Randhir Jaiswal said on 'X'. "Warmly received by @CimGOI @piyushgoyal and accorded a ceremonial welcome," he said. The Crown Prince is accompanied by several ministers from the UAE government and a business delegation. After concluding the Delhi leg of his visit, Al Nahyan will travel to Mumbai to participate in

Abu Dhabi Crown Prince Al Nahyan receives warm welcome in Delhi on arrival

Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrived here to a warm welcome on Sunday as he kick-started a two-day maiden visit to India to further boost bilateral ties in a range of areas, including energy and connectivity, amid escalating tensions in West Asia. Commerce and Industry Minister Piyush Goyal received the Crown Prince at the airport following which he was accorded a ceremonial welcome, in reflection of the importance India has attached to the visit. "A new milestone in a historic relationship. His Highness Sheikh Khaled bin Zayed Al Nahyan arrived in Delhi on his first official visit to India," External Affairs Ministry Spokesperson Randhir Jaiswal said on 'X'. "Warmly received by @CimGOI @piyushgoyal and accorded a ceremonial welcome," he said. The Crown Prince is accompanied by several ministers from the UAE government and a business delegation. After concluding the Delhi leg of his visit, Al Nahyan will travel to Mumbai to participate in

India seeks review of UAE trade deal amid spike in silver, gold imports

India is reviewing its trade deal with the UAE as a surge in silver and gold imports raises concerns over tariff concessions, value addition norms, and govt procurement commitments under the CEPA

Om Birla stresses Parliamentary exchanges between India-UAE to boost ties

Mentioning the strong possibilities of cooperation in technology, innovation, and investment in India, Birla opined that due to collective efforts, India has become the fifth largest economy in world

Om Birla stresses Parliamentary exchanges between India-UAE to boost ties

Mentioning the strong possibilities of cooperation in technology, innovation, and investment in India, Birla opined that due to collective efforts, India has become the fifth largest economy in world

Kingpin of Rs 2.2K cr gambling racket held in UAE, brought back to Gujarat

In a coordinated effort, the Central Bureau of Investigation (CBI), Gujarat police and Interpol NCB-Abu Dhabi on Sunday brought back the alleged kingpin of an over Rs 2,273 crore gambling racket apprehended in the UAE, an official said. A Red Notice was issued against the accused, Dipakkumar Dhirajlal Thakkar, wanted by the Gujarat police for cases of criminal breach of trust, cheating, forgery, criminal conspiracy, causing disappearance of evidence and offences under the Information Technology Act and Prevention of Gambling Act, the CBI said in a statement. Thakkar is an accused in a criminal case registered on March 25, 2023, at Madhavpura police station, Ahmedabad, for operating an international gambling racket. According to the CBI, he is allegedly a kingpin of an international illegal criminal gambling racket, operating through special software applications and using hawala channels for the dispersal of proceeds of crime reported to be more than Rs 2,273 crore. The probe agenc

GTRI suggests duty cuts withdrawal on jewellery under India-UAE FTA

With the government seeking a review of certain provisions of a free trade agreement with UAE, think tank GTRI on Friday asked for the withdrawal of duty cut concessions on platinum, silver, diamonds, gold jewellery, and tweak the rules of origin norms in the pact. India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, and implemented on May 1, 2022. The Global Trade Research Initiative (GTRI) has earlier stated that the pact contains provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years and it would hurt domestic industry. It has also alleged that there is a potential misuse of the rules of origin in the agreement and due to that India should review the CEPA. Meeting these rules are must to get duty concessions under the agreement. In the review, it said India should focus on issues such as "withdraw

GTRI suggests duty cuts withdrawal on gold jewellery under India-UAE FTA

With the government seeking a review of certain provisions of a free trade agreement with UAE, think tank GTRI on Friday asked for the withdrawal of duty cut concessions on platinum, silver, diamonds, gold jewellery, and tweak the rules of origin norms in the pact. India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, and implemented on May 1, 2022. The Global Trade Research Initiative (GTRI) has earlier stated that the pact contains provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years and it would hurt domestic industry. It has also alleged that there is a potential misuse of the rules of origin in the agreement and due to that India should review the CEPA. Meeting these rules are must to get duty concessions under the agreement. In the review, it said India should focus on issues such as "withdraw

RBI might ask banks dealing with UAE to push direct rupee-dirham settlement

The move is part of India's attempt to increase trade settlement in the rupee and reduce reliance on the dollar, an ambition that has evaded most nations

India-UAE trade pact: GTRI expresses concerns over precious metal imports

Think tank GTRI on Tuesday expressed serious concerns over spurt in import of precious metals from the UAE under a free trade agreement and demanded an investigation as it is impacting domestic jewellery industry and leading to potential annual revenue loss. The Global Trade Research Initiative (GTRI) said that by addressing these issues, authorities can ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. Seeking an urgent review of the agreement, it said the India-UAE comprehensive economic partnership agreement (CEPA) allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. This will lead to significant "annual revenue losses, move import business from banks to a few private traders, and replace top suppliers with Dubai-based firms," it said in its report. "The zero-tariff policy under CEPA is projected to cause an annual revenue loss of Rs 63,375 cr

EAM Jaishankar reviews 'multi-faceted' strategic ties with UAE counterpart

External Affairs Minister S Jaishankar has reviewed with his United Arab Emirates counterpart Abdullah bin Zayed Al Nahyan the multi-faceted India-UAE comprehensive strategic partnership and discussed new areas with "untapped potential" to enhance collaboration, an official statement said on Monday. Jaishankar, who was in the UAE on Sunday, also exchanged views with Al Nahyan on regional and global issues. He visited the iconic BAPS Hindu Mandir in Abu Dhabi and participated in the 10th International Yoga Day celebrations before meeting Al Nahyan. The two foreign ministers "reviewed the multi-faceted India-UAE Comprehensive Strategic Partnership," the Ministry of External Affairs (MEA) in New Delhi said on Monday. They expressed "happiness at the substantive progress in diverse areas of bilateral cooperation, including commercial and economic collaboration, fintech, education, culture, and people-to-people connect," it said in a statement. The ministry said the two ministers ...

Gold, silver import from UAE surges 210%, need duty revision in FTA: GTRI

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies

Adani Defence & Aerospace, UAE's EDGE sign defence cooperation agreement

The agreement aims to combine the two companies' product portfolios to meet the needs of both global and local customers

UAE-India CEPA Council inks MoU with Indian Chamber of Commerce

The UAE-India CEPA Council on Thursday said it has inked an agreement with Indian Chamber of Commerce to promote trade between the two countries. Under the MoU, it said both organisations will collaborate on increasing awareness within the UAE and India regarding the significant potential of the bilateral economic partnership, highlighting opportunities for companies to leverage the free trade agreement. A trade pact between the two nations came into force from May 2022. "They will also engage in dialogue and information sharing, develop avenues for member awareness, explore the hosting of joint events and facilitate member interactions," it added.

UAE-India CEPA Council inks MoU with Indian Chamber of Commerce

The UAE-India CEPA Council on Thursday said it has inked an agreement with Indian Chamber of Commerce to promote trade between the two countries. Under the MoU, it said both organisations will collaborate on increasing awareness within the UAE and India regarding the significant potential of the bilateral economic partnership, highlighting opportunities for companies to leverage the free trade agreement. A trade pact between the two nations came into force from May 2022. "They will also engage in dialogue and information sharing, develop avenues for member awareness, explore the hosting of joint events and facilitate member interactions," it added.