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Bilateral trade between the UAE and India will exceed $88 billion in the 2022-23 fiscal year, up from $73 billion last year. Earlier, UAE Foreign Minister Abdullah bin Zayed Al-Nahyan met with his Foreign Minister S Jaishankar and during the two-day visit, the two countries signed signed a landmark free trade agreement.
The purpose of the visit was to strengthen relations with New Delhi within the framework of the Comprehensive Strategic Partnership Agreement (CEPA) signed in February. CEPA is expected to drive non-oil trade to $100 billion over the next three to five years.
The UAE is India’s third largest trading partner after the United States and China, as well as an important regional strategic partner of India. The UAE is home to more than 3 million Indian expats who send billions of dollars to their families every year.
“The visit will be part of regular consultations between the two countries on bilateral and global issues of mutual concern,” Jaishankar said in a statement.
The two reviewed their relationship in several areas, notably trade, investment, food security, energy, defence, space and education.
“Under the UAE-India CEPA, we are looking to strengthen our economic cooperation to achieve our ambitious goal of increasing our non-oil trade to around $100 billion over the next five years,” said Al-Nahyan, According to the UAE News Agency, Wan.
The two ministers also reviewed the “prospects for UAE-India cooperation at the level of multilateral groups and organizations, whether through existing partnerships such as the I2U2 Group, or future opportunities for cooperation with Brazil, Russia, India’s informal bloc BRICS, China and South Africa, and the Shanghai Cooperation Organization,” the report added.
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