(MENAFN- The Arabian Post)
Sheikh Manzoor Ahmed
The United Arab Emirates (UAE) stands out as a shining example of having excellent and strong bonds of friendship with India in the whole of the Middle East. The two countries are set to expand and diversify cooperation in a wide range of spheres- diplomatic, security, investment and science and technology, besides giving a required fillip to trade and economic ties to take bilateral trade to 100 billion dollars in the next five years in the non-oil sector.
The Comprehensive Economic Partnership Agreement( CEPA) will open doors to the full range of financial, technological and human capital exchange, stated Thani Bin Ahmed bin Zeyoudi, UAE Minister of Foreign Trade, in an online interview with Indian media. This agreement will come in force from May one after ratification by both countries. The two countries signed CEPA-a comprehensive and balanced partnership agreement on the sidelines of a virtual summit between the Crown Prince Mohammed bin Zayed and Prime Minister Modi on February 18. The bilateral trade in goods is projected to increase from the current 60 billion to 100 dollars billion annually within five years of the implementation
of the India-UAE free trade agreement, Minister of State for Commerce Anupriya Patel told the Indian parliament. She said that the UAE has offered immediate market access at zero duty from Day 1 of the entry into force of the agreement to products accounting for around 90 per cent of India's exports to the UAE in value terms.
India is a large, fast-developing market with significant energy needs and potential for returns on investments and the UAE has the ability and appetite to invest in foreign shores. Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral
relationship between the two countries. India-UAE trade is today around US$ 60 billion, making UAE India's third-largest trading partner for 2018-19. Moreover, UAE is the second-largest export destination of India after the US with an amount of over US$ 30 billion for the same year. For the UAE, India was the second-largest trading partner during 2018. UAE's investment in India is estimated to be around US$13-14 billion; it is the 10th biggest FDI investor for India.
The UAE-India-Israel and the US quad group will help address complex issues and help in combating threats to economic growth and stability. It will deal with issues concerning maritime security, infrastructure and transport. This grouping was formed in October last year and is considered important milestone in carrying forward the developmental agenda of the member nations, besides addressing their critical security issues.
Bilateral defence interaction between India and UAE has been steadily growing in accordance with other aspects of the bilateral relationship. There have been regular high-level functional level exchanges between the two countries.
Also published on Medium .
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