NEW DELHI:Feb 19,2022: India and the United Arab Emirates on Friday signed a comprehensive trade and economic pact that is expected to boost bilateral trade to $100 billion in the next five years from $60 billion now.
The UAE-India Comprehensive Economic Partnership Agreement (UAE-India CEPA) is the first bilateral trade agreement concluded by the UAE, and India’s first bilateral trade agreement in the Middle East and North Africa region.
“India is one of our most important strategic partners and this deal brings us closer than ever before,” UAE de facto leader Sheikh Mohamed bin Zayed Al Nahyan said during a virtual summit with India’s Prime Minister, Narendra Modi, on Friday.
“This deal promises to provide significant benefits to UAE and Indian businesses, including reduced tariffs and enhanced market access, while also breathing new life into trading corridors from Africa to Asia and laying the foundations for growth and prosperity that will benefit the entire region,” he added.
