https://sputnikglobe.com/20221122/india--uae-hold-talks-to-boost-non-oil-trade-revenue-to-100-billion-1104551012.html
India & UAE Hold Talks to Boost Non-Oil Trade Revenue to $100 Billion
India & UAE Hold Talks to Boost Non-Oil Trade Revenue to $100 Billion
Sputnik International
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force in May this year and has led to enhanced trade and investment links. 22.11.2022, Sputnik International
2022-11-22T14:45+0000
2022-11-22T14:45+0000
2022-12-10T10:12+0000
india
uae
subrahmanyam jaishankar
upi
fta
sheikh mohamed bin zayed al nahyan
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Indian Foreign Minister S. Jaishankar held talks with his United Arab Emirates (UAE) counterpart Sheikh Abdullah bin Zayed Al Nahyan in Delhi on Tuesday. The two countries discussed means to expand trade and investment links under the Comprehensive Economic Partnership Agreement (CEPA) signed this year.Al Nahyan said after the discussions that both delegations focussed on ways to increase the non-oil trade levels between the countries to $100 billion over the next five years.An Indian Foreign Ministry statement said that Delhi’s exports to the UAE between May and September this year have increased by 24 percent to $16 billion.The trade pact came into effect in May this year. During the same period, the value of exports from UAE to India shot up by over 40 percent, largely due to the rising international crude prices.As per the Indian statement, both sides explored ways to bolster cooperation under the CEPA in energy, healthcare, defense, space, climate change, skill development and start-ups, as well as fintech. At present, both sides are also discussing ways to bolster collective food security in the ‘I2U2’ grouping comprising Israel, India, the US and the UAE.Both governments are also involved in setting up a dedicated “food corridor” in India as well as holding consultations to collaborate on development projects in Africa.New Delhi and Abu Dhabi are also involved in talks to carry out bilateral trade in local currencies— the rupee and the dirham.The Indian government has said that it is holding talks with Abu Dhabi to roll out the Unified Payments Interface (UPI), a Delhi-backed online payment system meant to serve as an alternative to the western-backed SWIFT system.Delhi is of the view that the UPI could serve as the primary means of remittances for the 3.5 million Indian community based in the UAE.During the talks, both delegations also discussed India’s upcoming G20 presidency and coordinated their respective national priorities in the intergovernmental grouping before New Delhi assumed the G20 leadership next month.
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cepa agreement with india, india uae trade agreement, india uae trade deal, uae oil exports, uae oil exports to india
cepa agreement with india, india uae trade agreement, india uae trade deal, uae oil exports, uae oil exports to india
India & UAE Hold Talks to Boost Non-Oil Trade Revenue to $100 Billion
14:45 GMT 22.11.2022 (Updated: 10:12 GMT 10.12.2022) The India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force in May this year and has led to enhanced trade and investment links.
Indian Foreign Minister S. Jaishankar held talks with his United Arab Emirates (UAE) counterpart Sheikh Abdullah bin Zayed Al Nahyan in Delhi on Tuesday. The two countries discussed means to
expand trade and investment links under the Comprehensive Economic Partnership Agreement (CEPA) signed this year.
Al Nahyan said after the discussions that both delegations focussed on ways to increase the non-oil trade levels between the countries to $100 billion over the next five years.
An Indian Foreign Ministry statement said that Delhi’s exports to the UAE between May and September this year have increased by 24 percent to $16 billion.
The trade pact came into effect in May this year. During the same period, the value of exports from UAE to India shot up by over 40 percent, largely due to the rising international crude prices.
As per the Indian statement, both sides explored ways to bolster cooperation under the CEPA in energy, healthcare, defense, space, climate change, skill development and start-ups, as well as fintech. At present, both sides are also discussing ways to bolster collective food security in the ‘I2U2’ grouping comprising Israel, India, the US and the UAE.
Both governments are also involved in setting up a dedicated “food corridor” in India as well as holding consultations to collaborate on development projects in Africa.
New Delhi and Abu Dhabi are also involved in talks to carry out bilateral trade in local currencies— the rupee and the dirham.
The Indian government has said that it is
holding talks with Abu Dhabi to roll out the Unified Payments Interface (UPI), a Delhi-backed online payment system meant to serve as an alternative to the western-backed SWIFT system.
Delhi is of the view that the UPI could serve as the primary means of remittances for the 3.5 million Indian community based in the UAE.
During the talks, both delegations also discussed India’s upcoming G20 presidency and coordinated their respective national priorities in the intergovernmental grouping before New Delhi assumed the G20 leadership next month.
