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India, UAE Ink Deal on Trans-Continental Trade Corridor

Photo: WAM

On Tuesday, India and the UAE officially inked a trade corridor agreement, setting the stage for a comprehensive link connecting Europe to India through parts of the Middle East using sea and rail routes. The ambitious plan, endorsed by the US and the European Union, was announced during Prime Minister Narendra Modi's visit to the Gulf state. Although specific details of the agreement were not publicly disclosed, the Indian foreign ministry stated that it builds upon previous cooperation, emphasizing regional connectivity and fostering the India-UAE partnership.

First introduced in September at the G20 summit in New Delhi, the corridor envisions stretching from India across the Arabian Sea to the UAE, traversing Saudi Arabia, and eventually connecting through Jordan and Israel to reach Europe. Notably, the ministry's statement focused solely on India and the UAE, despite the corridor's broader geographical scope.

The agreement on the India-Middle East Economic Corridor comes amid ongoing conflicts in the Middle East, disrupting US-backed initiatives to enhance ties between Israel and its Arab neighbors, with Saudi Arabia pausing normalization plans.

During his visit, PM Modi held discussions with UAE President Sheikh Mohamed bin Zayed al Nahyan, emphasizing the strong relationship between the two nations. The UAE President expressed optimism despite regional challenges and highlighted the potential for a future aligning with their ambitions.

The framework agreement signifies a joint commitment by India and the UAE to move forward with the corridor project, potentially impacting China's Belt and Road Initiative. The signing occurred amidst heightened tensions in the region, including attacks by Yemen's Houthi movement on Red Sea shipping vessels, citing objections to the Israel-Gaza conflict and posing threats to sea trade routes.

In addition to the corridor agreement, the UAE and India also signed a bilateral investment treaty and exchanged cooperation agreements covering electrical interconnection, trade, and digital infrastructure. PM Modi, during his seventh visit to the Gulf state, is set to address the Indian diaspora and participate in events in Abu Dhabi and Dubai, including the inauguration of the Middle East's first stone-built Hindu temple.

 

Feb. 14, 2024 4:23 p.m. 1899

#breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #RegionalConnectivity #EconomicPartnership #IndiaUAEAgreement #GlobalTrade #InfrastructureDevelopment #MiddleEastIntegration #IndiaGulfTies #TradeConnectivity #BeltandRoadImpact #DiplomaticRelations #ModiInUAE #GlobalEconomy #IndiaTradePartnership

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