UAE, India keen to boost bilateral trade, investment ties

Mohamed bin Hadi Al Hussaini meets Indian Minister of Finance and Corporate Affairs

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A Staff Reporter

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Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, met Nirmala Sitharaman, Indian Minister of Finance and Corporate Affairs on the sidelines of G20 meetings in Washington. — Supplied photo
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, met Nirmala Sitharaman, Indian Minister of Finance and Corporate Affairs on the sidelines of G20 meetings in Washington. — Supplied photo

Published: Sun 16 Oct 2022, 3:14 PM

As part of the Ministry of Finance (MoF)’s keenness to bolster cooperation ties with different countries of the world, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, met Nirmala Sitharaman, Indian Minister of Finance and Corporate Affairs.

Held on the sidelines of the G20 meetings in Washington, the meeting sought to discuss means of boosting mutual cooperation between both countries in areas of common interest.

Younis Haji Al Khoori, undersecretary of Ministry of Finance; and Ali Abdullah Sharafi, assistant undersecretary of the International Financial Relationship Sector at the Ministry of Finance; attended the meeting, alongside senior officials from both parties.

During the meeting, Al Hussaini emphasised MoF’s keenness to strengthen UAE-India bilateral relations to include all areas of common interest, particularly in the financial, economic, and commercial sectors. He also thanked India for inviting the UAE as a guest country to the G20 during India Presidency, and reiterated that the UAE supports the priorities set by India’s forthcoming G20 presidency.

“The Ministry of Finance is keen to continue strengthening its relations with various countries, to open new horizons for cooperation in financial policy, macroeconomics, and investment. The Ministry is also keen to coordinate joint efforts in light of the unprecedented challenges and circumstances the world is facing today,” he said.

The meeting deliberated the priorities set by India in its upcoming G20 presidency and the ways the UAE can support these priorities. It also discussed the inclusion and integration of the energy and climate priorities identified in the agenda of the 28th session of the Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change (UNFCCC) in addition to other topics of common interest.

The UAE has signed the Comprehensive Economic Partnership Agreement (Cepa) with India on February 18, 2022, the first under the UAE’s international economic partnership agreements programme, which was launched as part of the Projects of the 50.

India is the top trade partner for the UAE in terms of non-oil exports, and is one of the largest investment partners of the UAE, whether in investments issued or received by the country.

— business@khaleejtimes.com


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