Middle East

UAE-India Bilateral Trade Exceeds $88 Billion This Year – Middle East Monitor

Bilateral trade between the United Arab Emirates and India is expected to exceed $88 billion in the 2022-2023 financial year, up from $73 billion last year. The development comes after UAE Foreign Minister Abdullah bin Zayed Al Nahyan signed a landmark free trade agreement between the two countries during his two-day visit, in which he He met with Foreign Minister S. Jaishankar.

The purpose of the visit is to strengthen ties with New Delhi within the framework of the Comprehensive Strategic Partnership Agreement (CEPA) signed in February. CEPA is expected to boost non-oil trade to $100 billion within the next three to five years.

The United Arab Emirates is India’s third largest trading partner after the United States and China, and an important regional strategic partner for India. More than 3 million of her Indians live in the United Arab Emirates, sending billions of dollars to their families each year.

“The visit will be part of regular consultations between the two countries on bilateral and global issues of mutual interest,” Jaishankar’s statement said.

They considered ties in several areas, notably trade, investment, food security, energy, defense, space and education.

“In line with the UAE-India CEPA, we are looking to strengthen our economic cooperation to achieve the ambitious goal of increasing non-oil trade to around $100 billion over the next five years,” said Al. – said Nahyan. news agency, Wham.

The ministers also noted the prospects for cooperation between the UAE and India at the level of multilateral groups and organizations, either through existing partnerships such as the I2U2 group or through future cooperation opportunities with BRICS, an informal group of Brazil, Russia and India. , China and South Africa, and the Shanghai Cooperation Organization,” the report added.

read: UAE firms face $20,000 fine for violating emirate rule



https://www.middleeastmonitor.com/20221123-uae-india-bilateral-trade-to-surpass-88bn-this-year/ UAE-India Bilateral Trade Exceeds $88 Billion This Year – Middle East Monitor

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