UAE-India bilateral trade to hit $100B by 2027: Minister
With investments estimated at $17 billion by the end of September 2023,the UAE is the seventh largest investor in India.
UAE-India economic cooperation, facilitated by the Comprehensive Economic Partnership Agreement (CEPA) that came into force in May 2022, is growing rapidly due to the two countries' diverse sectors and fields, reported Wamda citing a senior minister.
The agreement has facilitated trade and investment between the two countries, enhancing cooperation and partnership levels to a broader extent, according to a statement shared on Zawya.
The bilateral trade is expected to reach $84.5 billion between April 2022 and March 2023, rising to $100 billion by 2027.
With investments estimated at $17 billion by the end of September 2023, the UAE is the seventh largest investor in India.
During the visit of Indian Prime Minister Narendra Modi to the UAE, Mohamed Hassan Alsuwaidi, Minister of Investment, said that the UAE and India have a historic relationship based on a set of shared values, which has evolved into a strong strategic partnership that supports the progress and prosperity of both countries.
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The cooperation aims to promote effective cooperation by fostering strong public-private relationships, providing competitive incentives for joint initiatives, and promoting the exchange of knowledge and experience, he added.
Today, India and the UAE have signed 10 pacts for collaboration in key sectors such as energy, infrastructure, investments, and archive management to strengthen their bilateral relationship, according to Foreign Secretary Vinay Kwatra.
The countries have also signed the Bilateral Investment Treaty (BIT), aiming to promote further investments between the two nations.
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Edited by Affirunisa Kankudti