Prime Minister Narendra Modi held a virtual summit with Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, Sheikh Mohamed bin Zayed al Nahyan on February 18, 2022. During the summit, both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all 
sectors.

The Prime Minister thanked the UAE leader for taking care of Indian citizens during Covid crisis. He highlighted that this year is of extreme importance to both countries, as UAE will celebrate the 50th year of its establishment of UAE and India will celebrate its 75th anniversary of freedom.

During Covid crisis, you took care of Indian citizens in UAE. This year is of extreme importance for both countries. You will celebrate 50th year of the establishment of UAE & we start to celebrate the 75th anniversary of our freedom: PM Narendra Modi at India-UAE virtual summit pic.twitter.com/GQYdiamY3e

— ANI (@ANI) February 18, 2022

PM Modi also strongly condemned the recent terrorist attacks in UAE and reiterated that India and UAE will stand shoulder to shoulder against terrorism.

Following the conclusion of the summit, PM Modi and the Crown Prince issued a Joint Vision Statement "Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone". 

India-UAE Joint Statement

The joint statement issued by the two leaders establishes a clear roadmap for a future-oriented partnership between India and UAE. It also identifies focus areas and outcomes.  

The shared objective, as stated in the joint statement, is to promote new investment, trade and innovation dynamic in 
diverse sectors, including defence and security, healthcare, energy, emerging technologies, economy, climate action, food security, skills and education.

The two leaders released a Joint Commemorative Stamp to celebrate 75th anniversary of India's independence and the 50th year of UAE's foundation.

India and UAE also signed a historic India-UAE Comprehensive Economic Partnership Agreement (CEPA). The CEPA was signed Union Commerce Minister Piyush Goyal and UAE's Economy Minister Abdulla bin Touq Al Marri.

The two countries also signed two MoUs, one between APEDA and DP World and Al Dahra on Food Security Corridor Initiative and the second one between India's Gift City and Abu Dhabi Global Market on cooperation in financial projects and services.

India and UAE also signed two other MoUs, one to expand cooperation in climate action and another on education. 

India-UAE CEPA

• India and UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA), which is aimed at boosting the bilateral trade between the two countries to USD 100 billion in the next five years. 
• The deal was signed during the virtual summit meeting between PM Modi and Abu Dhabi Crown Prince. PM Modi said on the occasion, "Abu Dhabi Sheikh Mohamed bin Zayed al Nahyan and I believe that the India-UAE CEPA signed today will be a game-changer in our economic ties. With enhanced market access, bilateral trade in goods should rise to $100 billion and services to $15 billion in the next 5 years."

Abu Dhabi Sheikh Mohamed bin Zayed al Nahyan and I believe that the India-UAE CEPA signed today will be a game-changer in our economic ties. With enhanced market access, bilateral trade in goods should rise to $100 billion and services to $15 billion in the next 5 years: PM Modi

— ANI (@ANI) February 18, 2022

• Abu Dhabi Crown Prince stated that future generations will benefit from this forward-looking vision aimed at 
  stimulating growth and doubling their trade with the world. He said that the deal promises to provide significant benefits to UAE and Indian businesses, including reduced tariffs and enhanced market access.
• Union Commerce Minister Piyush Goyal said that the India-UAE Comprehensive Economic Partnership Agreement is a complete and comprehensive economic partnership agreement finalised in the shortest possible time.

India-UAE Comprehensive Economic Partnership Agreement is a complete and comprehensive economic partnership agreement finalised in the shortest possible time: Union Minister Piyush Goyal

— ANI (@ANI) February 18, 2022

• The CEPA is expected to lead to increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years. The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs.
• PM Modi stated that the agreement reflects the deep friendship, shared vision and the trust between the two countries.
• The India-UAE CEPA is the first bilateral trade accord concluded by the UAE. It is also India’s first bilateral trade 
  agreement in the MENA region.
• The agreement is a significant initiative in bilateral relations during the pandemic and a major trade agreement that will 
  launch a new era of strategic cooperation between both countries.
• The agreement will transform bilateral economic and investment ties between the two nations and could possibly open up emerging trade routes between Asia and Africa.

India-UAE Bilateral Relations

India and UAE have strengthened their bilateral ties in all areas in recent years.  The two nations had initiated negotiations for the Comprehensive Economic Partnership Agreement (CEPA) in September 2021 and they got completed now. 

The United Arab Emirates is already India's third-largest trade partner. The two nations have shared robust bilateral trade, investment and energy relations and is expected to get a further boost.

The two nations have also witnessed high-level visits on both sides. While PM Narendra Modi had visited the UAE in 2015, 2018, and 2019, the Crown Prince of Abu Dhabi visited India in 2016 and 2017. Several ministerial visits have also taken place between the two sides including three visits of External Affairs Minister and a visit of Commerce and Industry Minister to UAE in 2021.

India and UAE also collaborated closely during the Covid-19 pandemic in critical areas including healthcare and food security. The two sides had also signed an Air Bubble Arrangement during the pandemic in 2020 to ensure seamless movement of people between the two countries despite the challenges posed by Covid-19. 

They are also strengthening their cooperation in new areas including startups, renewable energy and fintech. India had participated in the Dubai Expo 2020 with one of the largest pavilions.

Indian diaspora in UAE

UAE is home to a large Indian community that numbers to almost 3.5 million. The UAE leadership has been extremely appreciative of the Indian community's contribution in the country's development.

PM  Modi also expressed India's appreciation to the UAE leadership for supporting the Indian community during the pandemic.