India. the United Arab Emirates (UAE) agreed the framework for a strategic defence partnership on Friday during Prime Minister Narendra Modi’s visit to the Gulf nation, the Indian foreign ministry said, as they seek to deepen ties amid the Iran war.
India. the UAE also signed pacts on strategic petroleum reserves and supply of liquefied petroleum gas, the ministry said in a statement.
Under the strategic defence partnership, “the two sides have agreed on deepening defence industrial collaboration. cooperation on innovation and advanced technology, training, exercises, maritime security, cyber defence, secure communications and information exchange,” it said.
Ahead of Modi’s visit, Indian sources toldReutersthat the prime minister was likely to discuss long-term energy supply deals with his hosts. also seek support to expand New Delhi’s strategic oil reserves.
The UAE’s decision last month to leave Organization of the Petroleum Exporting Countries (OPEC) is expected to boost its output. help importing countries such as India.
The US. Israeli war on Iran, now in its third month, has roiled global energy markets with the closure of the Strait of Hormuz, a vital chokepoint for the flow of around 20 per cent of global oil. It has also disrupted transportation. business across the Gulf as Iranian strikes hit Gulf countries, including the UAE, before a fragile ceasefire was reached last month.
In January,New Delhi. Abu Dhabi signed a $3 billion dealfor India to buy LNG from the UAE, its third-largest trading partner, as well as a letter of intent to work towards forming a strategic defence partnership.
In its statement on Friday, the Indian foreign government also announced UAE investments worth $5 billion, pointing to past deals including Emirates NBD’s acquisition of a 60pc stake in Ratnakar Bank Limited last year for $3 billion,. Abu Dhabi’s International Holding Company $1 billion investment in Sammaan Capital.
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