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PM Modi landed, signed key deals, left UAE — all in 2 hours | Full list of pacts
Among the deals signed between India and the UAE during PM Modi's visit is agreement on framework for strategic defence partnership between both countries.
Prime Minister Narendra Modi went to the United Arab Emirates on a quick two-hour stopover on Friday on his way to the India-Nordic summit and both the countries signed several key deals, including for petroleum and LPG supply.
These deals come at a crucial time as the world grapples with global energy supply chain hit triggered by the war in West Asia, which is on a temporary halt for now.
Modi's two-hour visit to the UAE mimicked a similar short trip made by UAE President Sheikh Mohamed bin Zayed Al Nahyan which lasted for a few hours earlier this year in January.
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Full list of deals and investments signed between India and UAE during Modi's visit-
-Agreement on framework for strategic defence partnership between India and UAE
-Memorandum of Understanding on strategic petroleum reserves
-Agreement on supplies of Liquified Petroleum gas (LPG)
-Memorandum of Understanding on setting up ship repair cluster in Gujarat's Vadinar
-Investment worth $5 billion announced in Indian Infrastructure and RBL Bank and Samman Capital
Why these deals matter
The deals signed between India and the UAE are of importance particularly because of the timing of their signing. The pacts on LPG supply and petroleum reserves come at a time when the country is dealing with an energy crisis and hiked petrol and diesel prices as a direct impact of the war in West Asia.
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A few days back, Modi urged the entire nation to take measure to save fuel, including switching to working from home, carpooling, and preferring public transport.
He also urged the people of India to avoid buying gold and travel abroad for about a year, and presented the appeal as of national importance and a patriotic duty.
Just days after PM's appeal, oil companies in India raised petrol and diesel prices by ₹3 each on Friday, May 15.
India is also the world's second-largest importer of LPG, making the country rely heavily on global supply of the fuel for domestic needs. Just weeks after the war in West Asia erupted after the US, backed by Israel, attacked Iran on February 28, India saw a major hit in its LPG supply after the Strait of Hormuz was effectively closed.
