India UAE trade relationship
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India UAE trade relationship
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The FTA — Comprehensive Economic Partnership Agreement (CEPA) — is expected to be in focus during a virtual summit between Prime Minister Narendra Modi and the Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed al Nahyan.
India-UAE trade
- was expected to revert to pre-pandemic level this year and touch $60 billion in this financial year, an official said.
- UAE was one of the foreign countries that had displayed interest in investing in the Union Territory of Jammu and Kashmir.
- Investment from the UAE has steadily grown and has reached $17 billion, which has provided a foundation for signing this biggest trade agreement of the last 7 years.
Gem exports
The FTA has found enthusiastic support from the Gem and Jewellery Export Promotion Council (GJEPC) which has announced that the deal will push jewellery exports to the Gulf country to the level of $10 billion.
- The GJEPC said in a statement that the sector has already crossed ₹2.4 lakh crore, marking a post-pandemic recovery.
- “UAE is a gateway to the entire Middle East region and the proposed abolition of 5% import duty in UAE would lead to increased prosperity on both sides of the Arabian Sea,” said Colin Shah, Chairman of GJEPC.
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