Bilateral Trade Between India & UAE To Cross 7.2 Lakh Crore
The bilateral trade between India & UAE was 5.9 lakh crore in the last fiscal which is going to cross 7.2 lakh crore this year. External Affairs Ministers of both countries met on Tuesday.
The United Arab Emirates (UAE) will surpass USD 88 billion in bilateral trade with India this year, surpassing the United States and China as India’s two largest economic partners.
According to a report, the two countries’ anticipated bilateral trade of 88 billion dollars for the current fiscal year will surpass the 73 billion dollar total for the previous fiscal year.
Since 2014, when Prime Minister Narendra Modi led the ruling Bharatiya Janata Party to victory, the relations between India and the UAE have noticed a number of changes.
The UAE has progressively risen through the ranks to become the nation’s third-largest trading partner.
The bilateral trade between India and the West Asian nation was valued at USD 36.82 billion over the course of five months, from April to August of the current fiscal year (CFY).
When compared to the previous fiscal year, the trade is expected to exceed USD 88 billion in CFY.
In the eight years that the BJP has been in power at the Center, Prime Minister Narendra Modi has traveled to the UAE four times, and the Foreign Ministers have met four times in the past three months.
On June 28, during his visit to the UAE, Modi met with Sheikh Mohammed bin Zayed Al Nahyan.
India’s EAM S. Jaishankar traveled to the UAE in August and September to co-chair the third Strategic Dialogue and the 14th Joint Commission Meeting with UAE Foreign Minister Sheikh Abdullah.
In February of this year, the UAE and India inked their first-ever Comprehensive Economic Partnership Agreement (CEPA). It went into effect in May 2022 and was the first for India in the previous ten years.
Sheikh Abdullah bin Zayed Al Nahyan, the foreign minister of the United Arab Emirates, is currently traveling India on a two-day official tour to improve ties between the two nations.
The UAE’s foreign minister met with India’s external affairs minister, S. Jaishankar, on Tuesday to talk about measures to improve their bilateral ties. Both nations are debating using UPI as a platform for payments for the 3.5 million-strong Indian population living in the UAE.