The Annual Trade talks between India and UAE is to enlarge beyond $100 bn
The economic ties of India and the UAE are turning profound with the strategic discussions and initiatives over the years. The talks are going around to expand the annual trade between India and the UAE which is estimated to exceed the $100 billion mark within five years. The UAE has decided to commit to invest in the Indian markets, infrastructure and other critical industries. This significant move towards the betterment of the economy of both the countries began in 2022, where the UAE signed bilateral trade around $60 billion under the CEPA (Comprehensive Economic Partnership) agreement. This agreement focuses on the various sectors such as textiles, gems, food products, jewellery, and pharmaceuticals.
Following that, $2 billion has been invested by the UAE investors in India’s food processing sector which aims to uplift the food security and agricultural exports. Through the years, UAE has become a vital gateway for the Indian businesses to access the global markets which plays a crucial role in shaping the both regional and global economic trends.
“It provides a wide array of gains for both economies and provides opportunities for businesses in both economies… This is an agreement which brings the economic dimension to a deep and enduring strategic partnership between UAE and India” said Piyush Goyal, Minister of Commerce & Industry after signing the CEPA agreement with the UAE.
Also, the Indian government believes that this agreement will aid the Indian investors with better investing opportunities in the specialised industrial advanced technology zones such as logistics, and services, medical devices, agri-tech, steel and aluminium.
— Zee Business (@ZeeBusiness) September 24, 2024
#India–#UAE bilateral trade is on track to exceed the $100 billion target before 2030
https://t.co/cONgdgfOQz
The strategic bilateral trade of India and UAE is flourishing in the course of time and it is set to become even more influential in the global markets. These investments not only catalysts the bilateral trade but strengthens the cooperative alliance between the countries.
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