New Agreements have been signed during Crown Prince of Abu Dhabi’s official visit to India. Agreement includes:
- Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited for diversifying LNG sources.
- Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC: Bringing crude oil to India, thus contributing towards country's energy security.
- MoU between ADNOC and India Strategic Petroleum Reserve Limited: For crude storage in India and renewal of their storage.
- MOU on Nuclear Cooperation: For enhanced cooperation in operation and maintenance of nuclear power plants.
India-UAE relations
- Year 2015 marked the beginning of a new Comprehensive and Strategic partnership.
- Trade: UAE is India’s second top export destination after the US; India is UAE’s second largest trading partner.
- Comprehensive Economic Partnership Agreement (CEPA) was signed in 2022.
- Foreign Direct Investment: In FY23, UAE was 4th largest foreign investor into India.
- Diaspora: Almost 30% of UAE’s population are Indians at around 3.5 million (Roughly ~35% of country’s population).
- Multilateral Cooperation: Both countries are part of various platforms such as BRICS, I2U2 (India-Israel-UAE-USA) and UFI (UAE-France-India) Trilateral.
- Defense: Both countries participate in military exercises such as Desert Flag, Desert Cyclone.
