PM Modi signs trans-continental trade pact with UAE. Indian Prime Minister Narendra Modi embarked on a significant journey to the United Arab Emirates on Tuesday, where he inked a pivotal trade corridor agreement aimed at linking Europe with India via strategic routes through the Middle East, as reported by DW.
This ambitious initiative, which has garnered support from both the United States and the European Union, was unveiled through a statement released by the Indian foreign ministry. However, specific details regarding the agreement remain scarce.
The statement from the Indian foreign ministry emphasized the agreement’s role in building upon existing understandings and cooperation, highlighting its potential to further regional connectivity between India and the UAE.
First introduced during the G20 summit last September, the envisioned corridor seeks to establish vital economic links between India, the UAE, Saudi Arabia, Jordan, and Israel, ultimately extending to Europe.
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Despite the broad scope of the corridor, the ministry’s statement primarily focused on the partnership between India and the UAE, underscoring the latter’s status as a regional Gulf Arab powerhouse with extensive trade relations dating back over a century.
However, the realization of the India-Middle East Economic Corridor faces challenges, particularly in light of the ongoing conflict in Gaza, which has impeded efforts towards Israeli integration with Arab nations backed by the United States. Additionally, Saudi Arabia’s pause in normalization plans further complicates the situation.
As of writing, the UAE’s foreign ministry has yet to provide detailed commentary on the agreement, despite requests for clarification.
During his visit, Prime Minister Modi held discussions with UAE President Sheikh Mohamed bin Zayed al Nahyan, whom he affectionately refers to as his “brother.”
In a notable statement captured on video and shared on Modi’s YouTube channel, Sheikh Mohamed expressed optimism for the future of the relationship between the two nations amidst challenging times in the region.
“Today, our region is facing adversity, but through our partnership, we are fostering hope and envisioning a future with India that aligns with our collective ambitions,” remarked Sheikh Mohamed during his meeting with Prime Minister Modi.
As PM Modi signs trans-continental trade pact with UAE, the agreement signed during Modi’s visit to the UAE underscores both countries’ commitment to bolstering economic ties and regional connectivity, amidst a backdrop of geopolitical complexities and challenges.
