King Salman bin Salman Zayed Al-Nahyan, and India’s Pm Modi virtually gathered to witness the signing of the Bilateral Agreement, among other deals of UAE and India.
‘It will provide new possibilities in both merchandise trade, as well as increased investment.’ The treaty is intended to enter into a new age of economic cooperation and open up new trade and investment opportunities
According to the Indian foreign ministry, business between India and the United Arab Emirates is worth $59 billion, making the petroleum Arab country India’s third main trading partner behind China and the United States in 2019-20.
As per the Indian foreign ministry, business between India and the United Arab Emirates is worth $59 billion, making the petroleum Arab country India’s third main trading partner behind China and the United States in 2019-20.
According to the report, With about $16 billion in exports in 2020-21, the UAE is India’s 3rd-largest exporter in the globe. Crude oil, rare metals, stones, jewels, ornaments, minerals, food, and textiles are also major exports. According to WAM, the UAE intends to increase non-oil commerce with India from $40 billion before the outbreak to more than $100 billion in five years.
The two nations have enjoyed strong and pleasant relations for centuries, having established diplomatic connections immediately after the Gulf country’s formation in the early 1970s.
Indians make up the biggest international group in the UAE, accounting for over 35% of the country’s 10-million-strong population. According to the Indian foreign ministry, exports from Indian residents living in the United Arab Emirates totaled more than $17.06 billion in 2019.
Earlier last week, the UAE linked a similar set of agreements with Turkey. During Turkish President Recep Tayyip Erdogan’s meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed, According to the Turkish state, the two nations signed 13 strategic collaborations in areas such as military, health, environmental issues, industry, science, culture, agriculture, trade, economics, youth, mobility, disaster risk management, atmospheric science, and telecommunications.
Both presidents stressed how their countries had the same vision for advancing peaceful initiatives and policies that would improve regional stability and security.
The UAE is eager with Turkey to address common concerns in the area through communication, discussions, and political solutions, according to the crown prince.