PM Meets UAE President, Sets USD 200 Bn Trade Target

(MENAFN- Kashmir Observer) New Delhi- India and the United Arab Emirates on Monday set a target of USD 200 billion in annual trade by 2032 and agreed to seal a strategic defence pact while boosting cooperation in energy, space and civil nuclear sectors with Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan laying out a broad agenda to shore up ties.

Modi welcomed Al Nahyan at the Delhi airport with a hug and then they travelled together in the same vehicle to the prime minister's residence, where they held talks in the restricted as well as delegation-level formats.

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“This has been a short, but extremely substantive visit,” Foreign Secretary Vikram Misri said at a media briefing after the UAE leader concluded his nearly three-and-a-half-hour visit that came amid increasing tensions in the Middle East and trade disruptions caused by Washington's policy on tariffs.

The two sides decided to explore a partnership in advanced nuclear technologies, including development of large nuclear reactors and small modular reactors, as well as cooperation in advanced reactor systems and nuclear power plant operations, he said.

A long-term agreement for the supply of 0.5 million metric tonnes of LNG (Liquefied Natural Gas) annually was concluded by the two sides.

The UAE is India's second-largest supplier of LNG to India after Qatar.

Artificial Intelligence was identified as a priority area of cooperation and it was decided to collaborate on setting up a supercomputing cluster in India with the UAE partnership, Misri said, adding the Gulf nation will also look at investments for expanding data centre capacities in India.

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