United Arab Emirates, India Intensify Economic-Trade Cooperation
A trade corridor launched and memorandum of understanding signed in the mining sector
During the recent visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi (UAE), to India, among many agreements, the announcement was made about the launch of the so-called Virtual Commercial Transport Corridor, an initiative under the India – Middle East – Europe Economic Corridor (IMEC). To simplify customs and payment processes, the “virtual corridor” will utilize an advanced Indian interface equipped with artificial intelligence features called Maitri.
Additionally, in Mumbai, the financial capital of India, Khaled bin Mohamed bin Zayed Al Nahyan participated in an entrepreneurial forum with representatives of companies from India and the United Arab Emirates. During the event, a memorandum of understanding on cooperation between the two countries in the mining sector was signed. The agreement relates to the mutual supply chain of critical minerals and was signed by Emirati mining company International Resources Holding (IRH) and an Indian consortium comprising Oil India Limited (OIL), Khanij Bidesh India Limited, and ONGC Videsh Limited. Earlier, Emirati energy company ADNOC signed an agreement with Indian state-owned Indian Oil to supply India with one million tons of liquefied natural gas (LNG) per year for the next 15 years.
India, competing with China, is seeking to accelerate cooperation with Gulf countries. On September 15, a new sea route was inaugurated that will connect the port of Jeddah on the Red Sea in Saudi Arabia to two major maritime hubs in India: Mundra and Nhava-Sheva. The project will be implemented by a subsidiary of Saudi Arabia’s Public Investment Fund Folk Maritime Services, specializing in scheduled liner transportation, and so-called “feeders” (short sea transportation). Under the project, which in turn will be part of the IMEC initiative starting in late September, this new service will improve maritime trade links by facilitating the movement of goods between Indian ports and Saudi Arabia, India’s fourth largest trading partner.
