Abu Dhabi Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, during his official visit to India, oversaw the signing of two landmark agreements aimed at enhancing trade and investment between the two nations. The first of these agreements launches the India-UAE Virtual Trade Corridor (VTC) and MAITRI interface, which seeks to streamline trade processes, reduce logistics costs, and facilitate ease of doing business.
The India-UAE VTC is designed to enhance trade efficiencies by minimizing administrative procedures and reducing transportation costs. It will serve as a critical component of the India-Middle East-Europe Economic Corridor (IMEEC), a major infrastructure project that aims to redefine global connectivity. MAITRI, the Master Application for International Trade and Regulatory Interface, integrates multiple Indian operational portals with UAE systems to ease regulatory compliance, streamline operations, and enhance transparency. The scalable and secure MAITRI interface will further improve the trade experience for businesses in both countries.
The second agreement involves a Memorandum of Understanding (MoU) between International Resources Holding RSC LTD and a consortium of Indian companies, including Oil India Ltd, Khanij Bidesh India Ltd, and ONGC India Ltd. This MoU focuses on global collaboration in critical mineral supply chain exploration in third countries. The exploration of critical minerals is essential for powering the 21st-century digital economy, and the partnership aims to enhance supply chain resilience in this crucial sector.
India-UAE trade has grown significantly, reaching $84 billion in 2023-24, making the UAE India’s third-largest trading partner. The UAE is also India’s second-largest export destination, with exports totaling nearly $36 billion in the same period. Furthermore, the UAE has invested an estimated $20-21 billion in India between 2000 and 2023, with $18.5 billion in foreign direct investment (FDI). The UAE’s commitment to invest $75 billion in India’s infrastructure further solidifies the strategic partnership between the two nations.
The launch of the VTC and the MAITRI interface underscores the deepening economic ties between India and the UAE, marking a new chapter in bilateral cooperation.
