Friday 22 October 2021

UAE and India explore economic partnership

ABU DHABI, 29 days ago

A high-level UAE delegation, led by Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, is in New Delhi for talks on expanding trade and investment relations between the two countries.
During the talks, Al Zeyoudi and India’s Commerce and Industry Minister Piyush Goyal established the India–United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) to enhance ties, deepen economic and investment opportunities, and mark a new phase of co-operation between the two countries, Emirates news agency WAM reported.
It is the second CEPA deal that Al Zeyoudi has commenced this month, following negotiations with Indonesia, as the UAE accelerates its global trade agenda. The value of the UAE’s non-oil trade with India may rise from pre-pandemic levels of $40 billion to over $100 billion within five years of the agreement being signed.
"The UAE is moving quickly to establish new strategic agreements to expand our market access and use trade as a pillar in a new era of economic co-operation," Al Zeyoudi said.
"Trading routes have existed between India and our region for centuries. The CEPA builds on these historic ties by laying the foundation for a mutually beneficial partnership that creates new jobs, promotes foreign direct investment, empowers entrepreneurs, attracts talent and accelerates our knowledge-driven economies.
"It will strengthen our position as a global gateway to Africa, Asia and Europe, driving economic growth and prosperity across the region," he said.
UAE Ambassador to India Dr. Ahmed Al Banna added: "The Comprehensive Economic Partnership Agreement between our countries comes at a crucial time as we brace ourselves and set economic priorities for the post-pandemic era. 
"Now is the time for the UAE and India to work together and take co-ordinated actions to achieve our bilateral trade target of $100 billion. Besides trade, we are keen to augment investment flows."
As part of the visit, Al Zeyoudi also met with Civil Aviation Minister Jyotiraditya Scindia, as well as Electronics and Information Technology Minister Ashwini Vaishnaw.
India is now the UAE’s second-largest trading partner, accounting for nine per cent of the UAE’s total foreign trade and 13% of non-oil exports. During the first half of 2021, bilateral trade reached $21 billion – a growth rate of more than 70% when compared to the first six months of last year.


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