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UAE, India discuss financial and economic cooperation opportunities

UAE, India discuss financial and economic cooperation opportunities

 The Indian Minister of Finance and Corporate Affairs, Nirmala Sitharaman, met with Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, as part of the Ministry of Finance's (MoF) desire to strengthen cooperation connections with other nations around the world.

The discussion, which was held in Washington during the G20 summit, focused on ways to strengthen bilateral collaboration between the two nations in areas of shared interest.

Senior representatives from both parties attended the conference, along with Younis Haji Al Khoori, undersecretary of the Ministry of Finance, and Ali Abdullah Sharafi, assistant undersecretary of the International Financial Relationship Sector at the Ministry of Finance.

Al Hussaini stressed during the meeting that MoF is eager to enhance bilateral ties between the UAE and India to include all areas of shared interest, notably in the financial, economic, and commercial sectors. He emphasized that the UAE supports the goals set by India's upcoming G20 presidency and thanked India for inviting the UAE as a guest nation to the G20 during India's leadership.

"The Ministry of Finance is eager to keep enhancing its ties with different nations in order to create new opportunities for collaboration in financial policy, macroeconomics, and investment. In view of the exceptional challenges and situations the globe is currently experiencing, the Ministry is likewise eager to coordinate cooperative efforts, he added.

The discussion discussed the goals India has set for its future G20 presidency as well as the ways the UAE may assist these goals. Along with other themes of shared interest, it also covered the inclusion and integration of the energy and climate priorities listed on the agenda for the Conference of the Parties (COP 28) 28th session of the UNFCCC.

The first Comprehensive Economic Partnership Agreement (Cepa) under the UAE's foreign economic partnership agreements program, which was started as part of the Projects of the 50, was signed by the UAE and India on February 18, 2022.

Regarding non-oil exports, India is the UAE's top trading partner. It is also one of the UAE's greatest investment partners, whether in terms of investments that the national issues or receives.


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