Thu. Apr 25th, 2024

uae: PM Modi visit to UAE by month-end in the works-Share Market Daily

A visit by Prime Minister Narendra Modi to the United Arab Emirates (UAE) later this month is in the works. If it materialises, it will help reaffirm India’s ties with the Gulf, particularly the UAE, amid strong reactions from the region to negative remarks by then BJP spokespersons about the Prophet.

The visit could be part of Modi’s trip to Germany where he will take part in the G7 summit, people aware of the plans told ET. The G7 summit is scheduled between June 26 to 28 at Schloss Elmau in the Bavarian Alps.

The UAE’s reaction to the remarks was measured, and it, like Saudi Arabia, did not summon Indian envoy to raise concerns, unlike Qatar, Kuwait and Iran.

Both the UAE and Saudi Arabia had welcomed Indian government action against the now-expelled BJP spokespersons. Later, Iran too expressed satisfaction over India’s action.

Modi was expected to travel to the UAE earlier this year, to visit India Pavilion at Dubai Expo.

The UAE has emerged as India’s closest partner in the Gulf and is the only country from the region to sign an FTA (free trade agreement) with India so far. The FTA, signed this year, will focus on several areas from defence to investments to space to energy deals.

The UAE is the second-largest export destination of India after the US. Exports to the country stood at over $30 billion in 2018-19. For UAE, India was the second-largest trading partner in 2018 with $36 billion non-oil trade.

The UAE and India are also part of the West Asian Quad that also comprises the USA and Israel.

High-level visits between India and UAE have been taking place routinely, and Modi shares an excellent chemistry with UAE President Md Bin Zayed.

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