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Ever since the pact was inked in February, trade between the two countries has already exceeded $72 billion and is soon expected to touch $90 billion
Bilateral trade between India and the United Arab Emirates will achieve the $100 billion target sooner than expected, India’s envoy to the Gulf state has said.
“The trade has already crossed $72 billion and if things continue this way, it will soon cross $90 billion,” the ambassador of India to the UAE Sunjay Sudhir said on Thursday.
The two countries had inked a Comprehensive Economic Partnership Agreement (CEPA) in February to increase non-oil bilateral trade by 2027 in February. The virtual ceremony was witnessed by Prime Minister Narendra Modi and the President of the UAE Sheikh Mohammed bin Zayed Al Nahyan in the company of senior ranking officials.
“We are looking at meeting the target of $100 million well before the five-year deadline,” Sudhir said during an event held to welcome low-cost carrier (LCC) IndiGo’s maiden direct flight between Mumbai and UAE’s sixth largest city of Ras Al-Khaimah.
The negotiations for the agreement, which began in September and were concluded in record 88 days in December, provide major concessions such as enhanced market access and reduced tariffs to companies of both countries.
Other than aluminium, copper and petrochemicals, pharmaceutical and agricultural products, the deal also covers services, investments, intellectual property and a commitment by the UAE to grant 1.4 lakh visas to highly skilled workers from India by 2030. Furthermore, it is expected to generate 10 lakh jobs in export-oriented industries like textiles, handloom, gems and jewellery, leather and footwear based in India.
Bilateral trade between India and the UAE stood at $43.3 billion in FY2020-21. India exported goods worth $16.7 billion to the Gulf state, while imports aggregated at $26.7 billion during the fiscal.
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