India and uae relation
Posted on Dec 25, 2021
By Mayur shukla
Published in News
India and UAE Relation
Recently, India and UAE launched the Comprehensive Economic Partnership Agreement in September 2021.
The countries are to hold the third round of negotiations. As of march 2021, UAE is the third largest investor in India.
The Indian companies have invested 85 billion USD in UAE. The major imports to India from UAE are Petroleum products, Stones, jewelry and gems.
The major exports are Minerals, precious metals gems. With CEPA, the bilateral trade is to increase to 100 billions USD within 5 years.
Types of Agreements that India sign:
PTA:- Preferential Trade Agreement, This focuses on reducing the import and Export duties of specific goods.
CECA:- Comprehensive Economic Cooperation Agreement. It covers negotiations on tariff rates quotas and trade tariff.
BIT:- Bilateral Investment Treaty, under this agreement, the countries decides on the conditions for private investment.
TIFA:- Trade and Investment Framework Agreement . It establishes a framework to expand the trade.
Around 3 million Indians are living harmoniously in the UAE. As India seeks to enhance economic engagement and deepen security cooperation with the Gulf, it finds the willing partnering the UAE.
UAE has a special place due to its business friendly atmosphere , willingness to invest in the Indian economy and it's important role in maintaining peace and stability in the region.
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