Prime Minister Narendra Modi and UAE President Mohd. Bin Zayed Al Nahyan.
Abu Dhabi: Since the establishment of Shri Lakshminarayan Temple in UAE, relations between India and UAE are continuously reaching new heights. Now a big deal has been signed between India and the United Arab Emirates (UAE) for non-oil trade worth US $ 100 billion by 2030. This target is ambitious and can be achieved. Confederation of Indian Industry (CII) President R Dinesh has said this. He said that there are huge opportunities to increase trade between the two countries in sectors like textiles, jewelery and pharma. He said that the Free Trade Agreement (FTA) between India and UAE, which came into effect in May 2022, has led to an increase in bilateral trade and investment.
Dinesh was here to participate in bilateral meetings with several partners at the global investors’ event ‘Investopia’ and the World Trade Organization (WTO) ministerial conference. “The target of $100 billion in non-oil trade between India and UAE is ambitious, but I believe it can be achieved,” the CII chairman told PTI here. Recent developments in this regard are encouraging.” He said the agreement, officially called the Comprehensive Economic Partnership Agreement, will cover all labor sectors such as gems and jewellery, textiles and apparel, leather, pharmaceuticals, medical devices and many engineering products. -Provides duty free access to densely populated areas.
India is a huge consumer
Bilateral trade between the two countries has reached $84.9 billion in the financial year 2022-23. India is now the UAE’s top non-oil trading partner. “India’s huge consumer base and growing manufacturing capacity make it an attractive market for UAE products,” he said. While the UAE’s position as a global trade hub facilitates Indian exports access to international markets.” The UAE is a major supplier of crude oil to India. Crude oil accounts for a major share in the trade between the two countries. He said the agreement is a game-changer, providing opportunities for businesses in telecommunications, construction and development, education, environment, financial sector, health services, tourism and film, hospitality and maritime and air transport services, among other services. (Language)
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