Reinforcing strong friendship; India, UAE sign currency swap deal along with enhancing trade, defence, counter terrorism

Abu Dhabi, December 5: India has not just limited its bilateral relations with other countries to diplomatic level, it has enhanced to mould itself imbibing and accepting cultures and traditions of other countries.

 

With External Affairs Minister Sushma Swaraj visiting United Arab Emirates (UAE), the two countries have developed strong relations etching two important pacts. Holding strong exhaustive discussion, EAM Sushma Swaraj with her counterpart Abdullah bin Zayed signed two agreements, including one on currency swap and the other to step up bilateral cooperation in areas like security, defence, counter-terrorism, trade and energy.

Arriving in Abu Dhabi on a two day visit, EAM Sushma Swaraj was received by her counterpart Abdullah ahead of the UAE-India Joint Commission Meeting. Swaraj’s visit accounted for the 12th session of the India-UAE Joint Commission Meeting for Economic and Technical Cooperation.

Inclining towards the first agreement on currency swap, the currency swap is such a pact between two countries that allows trading in their own currency and payments to import and export trade at pre-determined exchange rate without bringing in a third benchmark currency like the US dollars.

The second agreement would enable both sides to undertake development projects in Africa.

MEA Spokesperson Raveesh Kumar tweeted, “Advancing the Comprehensive Strategic Partnership...EAM SushmaSwaraj & Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan co-chaired 12th India-UAE JCM. Held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence & consular, among others.”

In another tweet, MEA Spokesperson Raveesh Kumar added, “Institutional mechanisms guiding the multifaceted cooperation...Two documents signed during the visit of EAM SushmaSwaraj to UAE : Agreement on Currency Swap and MoU for Development Cooperation in Africa.”

During her visit, Sushma Swaraj also called on Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan. Both the leaders expressed satisfaction at the pace of the bilateral relations in a range of areas, attesting to the two countries comprehensive strategic partnership.

Summing up the summit, Ambassador Navdeep Suri expresses delight over the strong friendship and also shares that how heart warming it is to see exceptional good will and warmth that UAE leadership has towards India & in particular towards leadership of PM Modi.