India and the UAE on Wednesday decided to expand their bilateral cooperation across sectors including defence and energy.
A total of 14 Memorandum of Understanding (MoUs) were signed between India and the UAE.
“Security and defence cooperation have added growing new dimensions to our relationship. We have agreed to expand our useful cooperation in the field of defence to new areas including in the maritime domain,” Prime Minister Narendra Modi said after his meeting with the Crown Prince, who is currently visiting India as the Chief Guest for Republic Day celebrations.
The MoU on defence aims to establish cooperation in the identified fields of defence manufacturing and technology, including through studies, research, development, innovation and cooperation between public and private sector institutions of the two countries. Both sides decided to cooperate in areas of armaments, defence industries and transfer of technology. “We are also encouraging and facilitating business and industry of both countries to increase the quality and quantum bilateral trade..Our energy partnership is an important bridge in our linkages,” Modi said.
The two countries signed an agreement on Oil Storage and Management between Indian Strategic Petroleum Reserves Ltd and the Abu Dhabi National Oil Company. This agreement aims to establish a framework for the storage of crude oil by Abu Dhabi National Oil Company in India and to further strengthen the strategic relationship between the two countries in the field of energy.
The two nations signed a MoU on trade remedial measures. This is aimed at enhancing cooperation in the field of anti-dumping and allied duties through exchange of information, capacity-building, seminars and trainings in mutually identified areas related to trade remedial measures.
India and the UAE have also signed a MoU to enhance bilateral maritime trade ties through facilitating maritime transport, free transfer of monies between contracting parties and reciprocal recognition of ships’ documents.
West Asia, Afghanistan “We exchanged views on developments in West Asia and the Gulf, where both countries have a shared interest in peace and stability. We also discussed developments in our region, including Afghanistan. Our shared concern on growing threat from radicalism and terrorism to the safety and security of our people is shaping our cooperation in this space,” he said.
The UAE is also exploring opportunities to cooperate on the production of defence equipment in India.
A MoU for cooperation in the field of Small and Medium Enterprises (SMEs) was also signed. This MoU aims at promoting cooperation in MSMEs Sectors, including in joint projects, Research and Development and related activities.