India-UAE Relations Deepen Through Strategic Economic and Cultural Partnerships

UAE, 16 August, 2024 :  India and the UAE have strengthened ties across various sectors, particularly in economic cooperation and people-to-people relations, said Sunjay Sudhir, the Indian Ambassador to the UAE.

Speaking ahead of Indian Independence Day, Sudhir highlighted the rapid growth in bilateral relations, driven by visionary leadership from both nations. He noted the close integration of financial systems, marked by the launch of the United Payments Interface (UPI) in the UAE and the Rupee-Dirham Local Currency Trade Settlement Mechanism. Additionally, India’s RuPay card system is now integrated with the UAE’s Jaywan card network.

The ambassador also pointed to the upcoming “Bharat Mart” in Dubai, which will serve as a hub for Indian exports. He emphasized the benefits of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which, along with a Bilateral Investment Treaty (BIT), has driven a surge in bilateral trade.

Sudhir highlighted India’s growing economic stature, noting that it is currently the world’s fifth-largest economy and is set to become the fourth-largest by 2025. India’s startup ecosystem, valued at nearly $350 billion, ranks third globally in unicorn count.

The ambassador praised the 3.5 million-strong Indian community in the UAE, describing them as a vital socio-economic pillar. He noted that their contributions are widely recognized by UAE leaders and citizens, underscoring their role in strengthening India-UAE relations.

Source : www.wam.ae