UAE-India free trade deal talks ‘proceeding well’, says top official
India’s Foreign Secretary Harsh V Shringla says bilateral relations will see ‘extraordinary developments’ over the next few months
Dubai’s Burj Khalifa is lit up in the colours of the Indian flag.
India-UAE bilateral relations will see “extraordinary developments” in the coming months, according to India’s Foreign Secretary Harsh V Shringla.
Speaking during a visit to the India Pavilion at Expo 2020 Dubai, he said: “There is a lot more to see in India-UAE bilateral relationship as we progress. Our relationship is based on technology, finance and energy and today it is further bolstered by the most important aspect of people-to-people contact.”
Speaking on the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, Shringla added: “We are in the process of negotiating a free trade agreement (FTA) with the UAE. Negotiations are proceeding well, and we are optimistic that it will provide a unique opportunity to take India-UAE trade and investment relations to exponential heights.
“We are looking forward to the conclusion of the negotiations at the earliest.”
Highlighting the significance of India’s participation at Expo 2020 Dubai, Shringla said: “We should use every opportunity to highlight the progress made by the country and India Pavilion at Expo 2020 Dubai is one such platform.
Indian nationals make up one of the largest population groups in the UAE, a major source of foreign remittances.
“We have a high footfall at the Pavilion with visitors including investors, entrepreneurs, and businesspeople coming from all over the world. The government has taken some significant steps in recent months to provide incentives and opportunities to investors and we are able to highlight it to global audience with the help of the India Pavilion.”
The UAE is seeking to more than double non-oil trade with India to as much as $100 billion over five years as part of efforts to deepen ties with fast-growing economies beyond the Middle East.
Home to some of the world’s biggest wealth funds, the UAE is looking to reposition itself as a global hub for business and finance in the face of growing regional competition from Saudi Arabia.
India is the UAE’s second-largest trading partner, accounting for nine percent of the UAE’s total foreign trade and 13 percent of non-oil exports.
During the first half of 2021, bilateral trade reached $21 billion – a growth rate of more than 70 percent compared to the first six months of last year.
Indian nationals make up one of the largest population groups in the UAE, a major source of foreign remittances. India is also an important market for UAE airlines Emirates and Etihad.
