A proposal to sign a bilateral memorandum of understanding (MoU) between India and the United Arab Emirates (UAE) to collaborate in the fields of industries and sophisticated technology recently received approval from the Indian Union Cabinet. The two parties will collaborate on enhancing industry supply chain resilience, artificial intelligence, renewable and efficient energy sources, and space systems.
The MoU will also address standardization, metrology, conformity assessment, accreditation, health and life sciences, and Industry 4.0 supporting technologies. In both countries, the agreement will support growing sectors through investments, technology transfers, and the introduction of innovative critical technologies. Employment could result from this for the entire economy.
The implementation of the Memorandum of Understanding could result in more research and innovation across all areas of shared interest, particularly in the fields of renewable energy, artificial intelligence, industry-enabling technology, and healthcare. As a result, there may be significant growth in these industries, increased domestic output and exports, and decreased imports.
According to the press release, expanding trade and economic ties between India and the United Arab Emirates contribute to the stability and strength of their rapidly broadening and diversifying bilateral relationship. The bilateral commerce between India and the UAE has expanded from US$180 million annually in the 1970s to US$60 billion in 2019–20, making the UAE India’s third-largest trading partner after China and the US. Additionally, with an export value of US$29 billion in 2019–2020, the UAE is India’s second-largest export market. With an estimated US$18 billion in investments, the UAE ranks ninth among foreign investors in India. 85 billion dollars are thought to have been invested by Indians in the UAE.
The bilateral Comprehensive Economic Partnership Agreement that India and the UAE inked earlier this year has the potential to expand trade between India and the UAE from US$60 billion to US$100 billion over the course of five years. India has been collaborating with nations and organizations for many years to promote economic and scientific ties. India is an essential component of the global ecosystem for technological research and development. At the 7th India-Canada Joint Science and Technology Cooperation Committee (JSTCC) meeting in May, two technology MoUs were extended. According to the 2005 Agreement for Scientific and Technological Cooperation, the MoUs were signed by the Indian Ministry of Science and Technology with the Natural Sciences and Engineering Research Council of Canada (NSERC) and National Research Council of Canada (NRC), respectively.
The collaboration’s priority areas include, among others, national missions, quantum computing, artificial intelligence, and cyber-physical systems. A representative at the ceremony noted that many Indian students are enrolled in Canadian universities and that the renewal of the Memoranda of Understanding would enhance the two nations’ exchange of knowledge. The meeting was attended by representatives from numerous ministries and research organizations from both nations.
In accordance with the terms of the 2005 agreement, the JSTCC meets every two years to review ongoing research partnerships between Canadian and Indian researchers and to determine the top priorities for the following two years in areas like agriculture and food security, healthcare, and health tech, clean technologies and environmental research, marine and polar research, quantum tech and AI, human capacity development, and researcher mobility. During the 2022–2024 term, the two nations decided to keep an eye on the development of their bilateral scientific, technology, and innovation projects’ top priority.