India and the UAE plan to increase bilateral trade to 100 billion U.S. dollars within 5 years through a new agreement

India and United Arab Emirates Plan to end one Comprehensive Economic Partnership Agreement (CEPA) By the end of this year, the goal is to increase the trade between the two countries by 70% within five years, the trade ministers of the two countries said.

Minister of Trade of India Pius Goyal It said on Wednesday that the two countries will also work to sign the “early harvest” Trade agreement Soon, before the end of CEPA, CEPA is likely to be implemented in March 2022.

In a joint statement issued on Wednesday, the ministers said: “The new strategic economic agreement is expected to increase bilateral trade in goods to 100 billion U.S. dollars within five years of signing the agreement.”

India is seeking to promote exports through trade relations and new agreements with some countries to revitalize the economy. The UAE’s bilateral trade volume is close to 60 billion U.S. dollars, and it is already India’s third largest trading partner.

The UAE is also India’s second largest export destination after the United States, with an export value of approximately US$30 billion.

During his visit to New Delhi, UAE Minister of State for Foreign Trade Sani Al Zeyudi said that the agreement aims to promote employment and investment in the two countries.

Earlier this month, in an interview with Reuters, Al Zeyoudi stated that the UAE will develop an aggressive timetable to negotiate economic agreements with eight countries that want to deepen trade relations.

India’s main exports to the UAE include petroleum products, precious metals, stones, gems and jewelry, minerals, grains, sugar, foods such as fruits and vegetables, tea, meat and seafood, textiles, engineering and machinery products, and chemicals.

The main products that India imports from the UAE include petroleum and petroleum products, precious metals, gems, gems and jewellery, minerals, chemicals, and wood and wood products.