| 21 April 2024, Sunday |

India and UAE complete talks on bilateral pact to boost trade

The Indian government said on Wednesday that talks for a broad economic accord aimed at promoting trade and investment between India and the United Arab Emirates have come to a close.

The declaration comes only days after the UAE and Turkey signed a similar agreement in an effort to strengthen connections with fast-growing economies. The government is attempting to improve its image as a worldwide hub. After the outbreak, India wants better connections to help the country’s economy recover.

“Negotiations for CEPA began in September 2021 and were finished in September 2022. According to a statement released by India’s Ministry of External Affairs, the deal will “push India-UAE economic and commercial interaction to the next level.”

The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE is seen as a springboard for subsequent negotiations with other Gulf Arab countries. The UAE, which is India’s third-largest trading partner, is also seen as a gateway to Africa by the Modi government.

Between April and December 2021-22, total commerce between India and the UAE was $53 billion. During this time, imports totaled $33 billion, while exports totaled $20 billion.

UAE, India aim to double trade to $100 billion in five years

According to the statement, Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al Nahyan will convene a virtual summit on February 18 to discuss bilateral cooperation and exchange perspectives on regional and international topics of mutual concern.

Indians make up one of the most populous groups in the UAE, and they are a key source of remittances. India is also a significant market for two-way tourism, with airlines such as Emirates and Etihad serving it. On a political level, UAE royals aided in the mediation of India-Pakistan discussions earlier this year.

In the run-up to the deal, the two countries’ investment links grew quickly.

In June 2020, the Abu Dhabi wealth firm Mubadala invested $1.2 billion in India’s telecommunications company Jio Platforms, while India’s Reliance announced a $2 billion investment in Abu Dhabi’s TA’ZIZ Industrial Chemical Zone last year.

  • alarabiya