Modi signs intercontinental trade pact during visit to UAE

India and the United Arab Emirates signed a trade agreement on Tuesday to link the subcontinent to Europe through ports in the Middle East.

The agreement was announced during a visit by Indian Prime Minister Narendra Modi to Abu Dhabi, where he met with UAE President Sheikh Mohammed bin Zayed Al Nahyan.

“This would build on previous understandings and cooperation on this issue and promote cooperation between India and the UAE, promoting regional connectivity,” India’s Ministry of External Affairs said in a statement.

Sheikh Mohammed said that “our region is going through a difficult time, but because of our relationship with [India]We are building a lot of hope and looking forward to a future with India that lives up to our ambitions.”

What are the details of the agreement?

The India-Middle East-Europe Economic Corridor is a proposed ship-to-rail transit network that was first presented on the sidelines of last year’s G20 summit in New Delhi.

The original plan was for the trade route to extend from India across the Arabian Sea to the United Arab Emirates, continuing through Saudi Arabia, Jordan and Israel to Europe.

However, Tuesday’s announcement of an “intergovernmental framework agreement” did not mention any countries other than India and the United Arab Emirates.

The plan has already received support from the United States and the European Union.

Modi to open large Hindu temple

Modi’s trip to the UAE – his third in eight months – will last two days.

On Wednesday, he will inaugurate the region’s largest Hindu temple and address some 60,000 Indian expatriates at a community event.

Around 3.5 million Indian citizens live in the UAE, more than any other Gulf state.

zc/lo (Reuters, AP, AFP)