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The growing economic and commercial relationship between India and the UAE has contributed to the stability and strength of the two countries to rapidly diversify and deepen their bilateral relationship. India-UAE bilateral trade, which was worth $180 million (Rs 13.73 crore) a year in the 1970s, has grown to $60 billion (Rs 4.57 crore), making the UAE India’s third largest trading partner in 2019 – 20 in China and the US after. Furthermore, the UAE is India’s second largest export destination (after the US), with exports worth $29 billion (Rs 2.21 crore) in 2019-20.
The UAE is India’s eighth-largest investor with an estimated investment of $18 billion (1.37 billion rupees). Indian investment in the UAE is estimated to be around $85 billion (Rs 6.48 billion).
India and the UAE signed the bilateral Comprehensive Economic Partnership Agreement (CEPA) on February 18. The agreement has the potential to increase trade between India and the UAE from $60 billion (Rs 4.57 crore) to $100 billion (Rs 7.63 crore) in the next five years.
The MoU envisages cooperation on a mutually beneficial basis to strengthen supply chain resilience in industries; renewable energy and energy efficiency; health and life sciences; space systems; artificial intelligence; Industry 4.0 supporting technologies and standardization, metrology, conformity assessment, Accreditation and Halal Certification.
The MoU aims to strengthen and develop the industries of both countries through investment, technology transfer and deployment of key technologies in industry. This could create jobs across the economy.
The implementation of the MoU is likely to promote research and innovation in all areas of mutual cooperation, especially in renewable energy, artificial intelligence, enabling technologies for industry, and health and life sciences. This could lead to growth in these sectors, an increase in domestic production, an increase in exports and a decrease in imports.
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