India and UAE Economic Corridor: The first inter-ministerial delegation from India called meetings from May 15–17 by the Intergovernmental Framework Agreement between the two countries for cooperation for the establishment and operation of the India–Middle East–Europe Economic Corridor (IMEEC).
A press release from the Indian Embassy in Abu Dhabi claims that the IMEEC will offer efficient alternative supply lines that will lower expenses and increase efficiency. The Indian Ambassador to the UAE, Sunjay Sudhir, assisted major players like DP World UAE, AD Ports Group, and the Federal Customs Authority of the United Arab Emirates.
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“The Indian delegation comprised of senior officials from Ministry of Shipping, Ports & Waterways, Ministry of Commerce and Industry, Central Board of Excise and Customs and Deendayal Upadhyay Port, Kandla,” the press release stated.
“They visited Khalifa Port, Fujairah Port and Jebel Ali Port where they held detailed discussions with the respective Port authorities for facilitating the movement of goods between India and the UAE and beyond. They also held meetings with UAE Customs Authorities,” it added.
Indian Embassy in Abu Dhabi stated, “The visit, which took place within three months of signing the Agreement, reflects the importance both governments attach to the IMEEC project. The Corridor will provide effective alternate supply routes generating efficiencies and reducing costs. Both sides agreed to continue discussions for early implementation of the Agreement.”
India Middle East Europe Corridor (IMEEC) takes shape with the 1st visit of 🇮🇳n Inter-Ministerial Delegation to 🇦🇪 for 🇮🇳 🇦🇪 Intergovernmental Framework Agreement on IMEEC. Amb @sunjaysudhir led the discussions with key UAE entities like @DPWorldUAE @ADPortsGroup @CUSTOMSUAE. pic.twitter.com/njEjrQHdbS
— India in UAE (@IndembAbuDhabi) May 17, 2024
As per a press release, Prime Minister Narendra Modi and President Mohammed bin Zayed Al Nahyan of the UAE were present when the framework deal between India and the UAE was signed on February 13. To achieve this goal, the agreement calls for cooperation in the development of IMEEC as well as the investigation of possible joint ventures and technological cooperation.
According to ANI news, during a meeting earlier in February, UAE President Sheikh Mohamed bin Zayed Al Nahyan and PM Modi talked about the bilateral relationship between India and the UAE and saw eight agreements exchanged. During PM Modi’s two-day visit to the UAE, the two leaders had a meeting.
“The two leaders discussed the India-UAE bilateral relationship, which was formally elevated to a Comprehensive Strategic Partnership during the visit of Sheikh Mohamed bin Zayed Al Nahyan to India in 2017. They expressed satisfaction on the progress achieved in various sectors, noting that the partnership between the two countries has been significantly expanding over the years,” the joint statement read.
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The Bilateral Investment Treaty, the Inter-Governmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEEC), the Memorandum of Understanding for cooperation on Digital Infrastructure Projects, the Memorandum of Understanding in the field of Electricity Interconnection and Trade, and the Memorandum of Understanding for cooperation with the National Maritime Heritage Complex, Lothal in Gujarat are among the agreements signed between India and the United Arab Emirates.
During the G20 Summit in September of last year in New Delhi, India, the United States, the United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union signed the Memorandum of Understanding (MoU) to build the India-Middle East-Europe Economic Corridor (IMEEC).
