India and the UAE are also aiming to double the bilateral trade in non-oil, non-precious metal categories to $100 billion over the next 3-4 years.
For the first phase of testing this visa, India and Bangladesh have been selected
A key aspect of the tie up will be the analysis of capacity of UAE's rail corridors in the country as well as nearby geographies.
India and UAE signed four new pacts facilitating crude oil storage, long term supply of LNG and cooperation in the civil energy nuclear sector. The recent visit by the crown prince of Abu Dhabi to New Delhi further strengthened the relationship between the two countries. PM Modi and the crown prince underscored the need to expand cooperation in areas such as nuclear energy, critical minerals, green hydrogen, and so on.
The two leaders expressed confidence that Bharat Mart will propel India-UAE bilateral trade further by leveraging Jebel Ali Port's strategic location and strength in logistics, the statement said.
Addressing the World Governments Summit in Dubai on the second day of this visit to the UAE, Modi said that the government should interfere as little as possible in the lives of people.
During his two-day visit, PM Modi is also scheduled to hold bilateral meetings with UAE President Sheikh Mohamed bin Zayed Al Nahyan to explore avenues for enhancing the bilateral strategic partnership.
Qatari authorities released the eight Indian Navy veterans who were sentenced to death there. Earlier, due to diplomatic intervention by MEA, capital punishment was commuted to an extended prison term. Now, out of the eight former Indian Navy officers, seven have returned to India. Watch to know how these veterans felt after coming back to India.
India and UAE on June 12 agreed more than double the trade in non-petroleum products by 2030. The two countries successfully held the first meeting of the Joint Committee of the India-UAE CEPA.
India can use the model followed by some of the East and South-east Asian nations to morph into top exporting nations
After USA and China, UAE became India’s 3rd largest trading partner.
The UAE is the third-largest export destination of India (after the US and China) with an amount of nearly USD 16 billion for the year 2020-21.
The UAE is India's third-largest trade partner globally, after the United States and China. Meanwhile, bilateral trade with Oman has grown by 82 percent to reach $9.9 billion in 2021-2022.
The four-day trip by the 34-member business delegation from the UAE that concludes on March 23 is aimed at showcasing the investment opportunities in J&K with a focus on entrepreneurship, and the tourism and hospitality sectors. There was no clarity so far, however, on the sectors in which the visiting CEO's have decided to invest. No information was available on any MOUs or trade deals signed this time
Crude oil imports by India dominate trade with the six oil-rich economies of the GCC but the potential for expanding exports to the region, as well as the recent trade deal signed with the UAE, have given rise to hopes for a breakthrough in talks that ended more than a decade ago
The signing of CEPA with the UAE should stand India in good stead in its ongoing and future trade negotiations with other nations
From Day 1 of CEPA coming into force, 90 percent of India’s current exports to the UAE will have immediate market access at zero duty. A substantial rise in export flows across diverse sectors is expected subsequently.
The agreement comes with several new provisions to maximise India’s exports while also adding new sectors such as digital trade and intellectual property rights. Commerce department officials are hopeful the first of India’s ‘new-age FTAs’ will set the bar high for all trade deals to follow.
The signing of the India-UAE CEPA demonstrates that the Narendra Modi government has mastered the art of practical policy-making.
India has committed to opening a new Indian Institute of Technolgy would be set up in the UAE, while the UAE would invest more in India's health sector. Both nations have also decided to focus more on strengthening supply chains for medical supplies and agri trade.
The ‘early harvest’ deal includes tariff reduction and market access for more exports, and will be followed by a comprehensive free trade agreement later. Announced in September 2021, negotiations on the deal were completed in record time.
Proposed trade pacts with up to eight nations are at various levels of discussion. While India is preparing trade offers for accelerating negotiations, Commerce Department officials say more time will be needed.
The day-long conference to be held in Abu Dhabi will be inaugurated by Navdeep Suri, the Indian Ambassador to the UAE.
The two countries resolved to come up with an action plan to strengthen wide-ranging bilateral engagements including in strategic areas of security, defence, and energy.