Abu Dhabi, July 15: Prime Minister Narendra Modi on Saturday held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here to further deepen the multi-faceted bilateral ties, and announced that the two countries have agreed to start trade settlement in their currencies. PM Modi in UAE: India Signs MoU With United Arab Emirates For IIT-Delhi Campus in Abu Dhabi (Watch Video).

In his remarks after meeting the UAE President, Modi said India-UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement last year. Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.

The agreement with the UAE on trade settlement in the two countries' currencies will boost bilateral trade and investments. Modi said he always got the love of a brother from Sheikh Mohamed bin Zayed Al Nahyan.

"The manner in which ties between our countries have expanded, you have made a big contribution to that. Every person in India views you as a true friend," he told the UAE President. Modi also noted that preparations for COP-28 to be held in the UAE are going on under the UAE President's leadership, and added that he has made up his mind to participate in the conference later this year.

PM Narendra Modi Meets UAE President Sheikh Mohamed Bin Zayed Al Nahyan

Modi was accorded a ceremonial welcome here at the Qasr-Al-Watan - the presidential palace - where he was greeted by the UAE President with a warm embrace. Children were seen waving the Indian tricolour as the Prime Minister inspected the guard of honour. PM Modi in UAE: Dubai’s Burj Khalifa Lit Up in Colours of Indian Flag, Welcomes Prime Minister Narendra Modi With Dazzling Light Show (Watch Video).

India and the UAE are engaged across various sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.