India-France-UAE Trilateral Cooperation Initiative

In recent times, India has been increasing its bilateral trade with UAE. With CEPA and the Golden Visa program (extension) of UAE, business relations have increased exponentially. On the other hand, India has strong defence relations with France. From fighter jets to drones, the Indian military is using French-made goods. Extending the ties further, India is launching Trilateral Cooperation Initiative with the countries.

What is Trilateral Cooperation Initiative?

Under the initiative, the countries will work together to design and implement “ENERGY PROJECTS”. The projects will be around energy conservation, climate change and the conservation of biodiversity. The main area of focus is the Indian Ocean Region.

Significance

With India hosting G20 and UAE hosting COP-28, the initiative is a great platform to work together on global issues. The initiative will bring together agencies and stakeholders working on sustainable projects. Also, the countries get an opportunity to line up their technological, social, and economic policies.

Role of India’s Mission LiFE

The countries agreed to work under the aegis of this mission. The Mission LiFe project was launched to mobilize Indians to protect the environment. It is implemented between 2022 and 2027. They will work on circular economy as well.

Way Forward

The countries will also take help from the Indian Ocean Rim Association. And invite other countries to join the initiative.

Month: Current Affairs - February, 2023

Category: Economy & Banking Current Affairs • International / World Current Affairs