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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
As the two countries seek to boost their economies after 18.02.2022, today, Friday, the United Arab Emirates and India signed a comprehensive economic agreement to boost trade and investment.
2022-02-18T15: 21 + 0000
2022-02-18T15: 21 + 0000
2022-02-18T15: 21 + 0000
News from the United Arab Emirates today
Arab world
Economy
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Abu Dhabi Crown Prince Mohammed bin Saeed Al Nahyan and Indian Prime Minister Narendra Modi hosted a virtual summit, AFP reported, which saw the signing of a comprehensive economic partnership agreement with other agreements. The deal is expected to usher in a new era. Economic cooperation and trade opens up huge frontiers for trade. The value of trade between India and the United Arab Emirates is estimated at $ 59 billion, making it India’s third largest trading partner for 2019-2020 after the oil-rich Gulf nation. And the United States, according to the Indian Ministry of External Affairs, the pre-epidemic trade between the two countries stood at $ 40 billion and has grown to more than $ 100 billion in five years. WAM added that the United Arab Emirates is India’s third largest export destination. In 2020-2021 it recorded nearly $ 16 billion. , Major exports include petroleum products, precious metals, precious stones, jewelry, minerals, foodstuffs and textiles. In the early 1970s – shortly after and shortly after the founding of the Gulf State – Indians formed the largest expatriate community in the United Arab Emirates, about 35 percent of the 10 million population.
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United Arab Emirates Today, Arab World, Economy
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.
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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