PM Narendra Modi to hold India-UAE virtual summit with Abu Dhabi crown prince on February 18

File Image of PM Narendra Modi in the UAE Image: MEA Twitter

Prime Minister Narendra Modi will host a virtual summit with Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed al Nahyan on February 18.

On February 16, the Ministry of External Affairs said the Prime Minister's meeting with Nahyan will discuss bilateral cooperation and exchange views on regional and international issues of mutual interest. The year 2022 marks the 75th year of India's independence as well as the 50th anniversary of the UAE's foundation.

Nahyan has been the de facto ruler of Abu Dhabi, controlling almost every aspect of UAE policymaking since 2014, when his half-brother and ruler of Abu Dhabi, Sheikh Khalifa bin Zayed bin Sultan Al Nahyan suffered a stroke.

Sources said the meet may also see a formal announcement of the proposed free trade pact between India and the United Arab Emirates (UAE) which was being furiously negotiated by both sides for an early conclusion.

"A major initiative in bilateral relations is the Comprehensive Economic Partnership Agreement (CEPA). Negotiations for CEPA were launched in September 2021 and have been completed," the MEA announced.

Moneycontrol had reported earlier that negotiations were almost complete and Prime Minister Narendra Modi was set to inaugurate the pact during his planned visit to the UAE - and Kuwait- in early January. The visit was later canceled due to the third wave of the Covid pandemic.

The upcoming meet will pick up the cues from the canceled meeting in January, sources said. Apart from bilateral trade, investment and energy relations, both sides are also expected to discuss new areas of renewable energy, start-ups, fintech, etc. India is participating with one of the largest pavilions in the Dubai Expo 2020.

In recent years, bilateral relations between India and the UAE have strengthened in all areas, and both sides have embarked upon a comprehensive strategic partnership. Prime Minister visited UAE in 2015, 2018 and 2019 while the Crown Prince of Abu Dhabi visited India in 2016 and 2017.

Trade deal ahead

In late September, India and the UAE officially began negotiations on a mutually beneficial CEPA. Both sides had hoped to end the preliminary part of the talks by the end of December, a deadline so tight that it was considered unprecedented. Both nations had publicly stated that they wished to sign a formal agreement in the early part of 2022.

Bilateral trade between India and the UAE was worth $43.3 billion as of 2020-21, down from $59 billion in 2019-20, and is spread across thousands of traded items. The UAE remains India's third-largest export destination as well as the third-largest source of imports.

The agreement is expected to take the economic and commercial engagement between India and the UAE to the next level. The UAE is India’s third-largest trade partner, and bilateral trade and investment ties are expected to see significant enhancements.