December 2, 2022

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UAE and India sign agreement to increase trade volume to $ 100 billion

UAE and India sign agreement to increase trade volume to $ 100 billion

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United Arab Emirates Today, Arab World, Economy

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As the two countries seek to boost their economies in the wake of the corona virus outbreak, the United Arab Emirates and India today signed a comprehensive economic agreement to boost trade and investment.

Abu Dhabi Crown Prince Mohammed bin Saeed Al Nahyan and Indian Prime Minister Narendra Modi hosted a virtual summit, which saw the signing of a comprehensive economic partnership agreement and other agreements, Agence France-Presse reported.

Indian External Affairs Minister Jaisankar described the signing of the agreement as “a significant event in our bilateral relations, which will open up new opportunities and increase investment in both goods and services.”

As the value of trade between India and the United Arab Emirates is estimated at $ 59 billion, the agreement is expected to usher in a new era of economic cooperation and open up more opportunities for trade and investment. The third largest trading partner for 2019-2020, next to China and the United States, according to the US and Indian Ministries of Foreign Affairs.

The United Arab Emirates hopes the deal will raise the volume of mutual trade between the two countries to more than $ 100 billion in five years before the epidemic of $ 40 billion.

And “WAM” added it United Arab Emirates It is India’s third largest exporter, recording nearly $ 16 billion in 2020-2021, and major exports include petroleum products, precious metals, precious stones, jewelery, minerals, foodstuffs and textiles.

The two countries have been close and friendly for decades and established diplomatic relations in the early 1970s – shortly after the establishment of the Gulf state, Indians make up the largest expatriate community in the United Arab Emirates, with a population of about 35 per 10 million. .

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