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3. India-UAE
3.1. Background3.2. Recent Momentum♤ The visit Prime Minister of India to UAE on 16-17 August 2015 marked the beginning of a new comprehensive and strategic partnership.3.3. Economy: Trade and Investment3.4. The People♤ UAE is home to 2.8 million Indian expatriates, the largest expatriate community in the UAE.♤ The annual remittances made by the large Indian community in UAE amount to over US$♤ In 2018 India and the UAE signed an MoU that aims to institutionalize the collaborative administration of contractual employment of Indian workers in the Gulf country.3.5. Energy♤ The UAE accounts for 8 percent of India’s oil imports.agreed to store crude oil in India’s strategic storage facility at Manglore.3.6. Strategic Partnership♤ India and UAE see each other as important players in maintaining peace and stability in their respective regions and have reinforced their partnership in countering terrorism, combating radicalization and preventing terror finance through intelligence sharing and close contacts between their National Security Councils.3.7. Key areas to Work on♤ UAE also has the large sovereign wealth fund that India IS looking for investments. There is an agreement that UAE will invest nearly $75 billion in India over the next few years♤ Thus, connectivity, commerce, culture, and energy are key pillars of India Iran relation in the current context.♤ President Mohammad Khatami visited India from January 24-28, 2003 as the Chief Guest at the Republic Day parade. Both sides signed “The New Delhi Declaration” which set forth the vision of strategic partnership between India and Iran.♤ Chabahar Port was inaugurated by the President of the Islamic Republic of Iran H.E. Mr Hassan Rouhani on December 3 in the presence of Ministers from India, Afghanistan and the region.4.4. Economy: Energy Trade♤ India is the second largest buyer of Iranian crude after China and Iran was the third largest supplier of crude to India (April-Sep 2016).4.5. Iran: New Opportunities?♤ Much of this potential was subdued by the international sanctions trgeted at Iran’s♤ The Iran-Pakistan-India (IPI) gas pipeline project: In 1993, Pakistan and Iran announced a plan to build a gas pipeline, which Iran later proposed extending into India. Dubbed the "peace pipeline“.♤ Recently, Iran has signed an initial pact with Russia's Gazprom for developing Farzad B, discovered by ONGC. France’s oil major Total and the China National Petroleum Corporation have already signed agreement for South Pars, Phase 11♤ Embargoes on the sales and exports of conventional weapons and ballistic missile♤ The Chinese are building a refinery in Chabahar Free Trade Zone, and Iran has also joined
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