India, UAE launch CEPA negotiations, look to conclude them by year-end

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India and the United Arab Emirates (UAE) have launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA) aiming to conclude them by the year-end.

Both countries expected to reach a mutually beneficial economic deal by building on the progress made under the Comprehensive Strategic Partnership signed in 2017.

About India-UAE Bilateral Relations
Source: BBC

India and the United Arab Emirates (UAE) established diplomatic relations in 1972. UAE opened its Embassy in Delhi in 1972 & India opened its Embassy in Abu Dhabi in 1973.

 

About recent Economic relationships  

UAE is currently India’s third-largest trading partner with bilateral trade in 2019/2020 valued at USD 59 billion. 

The UAE is also India’s second-largest export destination after the US, with exports valued at approximately USD 29 billion in 2019-2020. 

India was the UAE’s second-largest trading partner in 2019, with bilateral non-oil trade valued at USD 41 billion. 

The UAE is the eighth-largest investor in India, having invested USD 11 billion between April 2000 and March 2021, while investment by Indian companies in the UAE is estimated to be over USD 85 billion. 

India’s major exports to the UAE include petroleum products, precious metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat, and seafood, textiles, engineering and machinery products, and chemicals. 

India’s top imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals and wood and wood products. India imported USD 10.9 billion of crude oil from the UAE in 2019-2020

Source:  This post is based on the following article

  • Joint Press Statement on the Launch of Negotiations for the India – United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA)published in PIB on 22nd September 2021.
  • Eyeing a deal by December, India & UAE to start FTA talks today” published in TOI on 23rd September 2021.
  • India, UAE launch CEPA negotiations, look to conclude them by year-end” published in Livemint on 23rd September 2021.
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