India's Minister of Commerce & Industry, Shri Goyal said his country's exports to the UAE recorded a remarkable growth of 12%, reaching USD 31.6 billion in 2022-2023. He urged businesses from both sides to forge newer ties and build on this momentum.
He also highlighted other important initiatives that are being discussed between the two sides, including Virtual Trade corridors, potential set-up of offices of the Abu Dhabi Investment Authority in GIFT City, Gujarat, UPI partnership and the potential development of an efficient system for direct Rupee-Dirham trade.
H.E. Dr. Thani bin Zeyoudi, Minister of State of Foreign Trade of the UAE affirmed the keenness of the UAE Government and its leadership to further strengthen the India-UAE bilateral relations by engaging in all areas of mutual importance to both the countries.
He also reaffirmed the commitment of his Ministry and his Government in working closely with the Indian side in the same spirit of mutual trust, cooperation and collaboration for the growth, prosperity, and welfare of the peoples of the two countries.
Both ministers also exchanged views on WTO matters. The 13th Ministerial Conference of the WTO (MC13) is scheduled to be held in Abu Dhabi, United Arab Emirates, during the week of 26 February 2024.
The Ministers also addressed a Joint Press Conference on the achievements and the successful conclusion of the 1st meeting of the Joint Committee. Addressing the press conference Shri Goyal said that the two countries had agreed to set a target of USD 100 billion of trade in non-petroleum products by 2030 from the USD 48 billion at present.
The Comprehensive Economic Partnership Agreement CEPA which was signed between the two nations has earlier offered various benefits to the two nations. The agreement covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7581 tariff lines) respectively.
The UAE, with which India implemented a comprehensive free trade agreement in May last year, emerged as the fourth largest investor in India during 2022-23, according to a recent government data.
No comments:
Post a Comment