India and the United Arab Emirates (UAE) have signed a landmark agreement on trade and investment, which will provide 80% tariff rebates on trade goods between the two countries.
According to foreign news agencies, after the agreement, the annual trade between the two countries will reach 100 billion dollars within 5 years.
The agreement was signed by senior officials of the two countries in the virtual presence of Indian Prime Minister Narendra Modi and the ruler of the United Arab Emirates Sheikh Mohammed bin Zayed Al Nahyan.
Keep in mind that India is already a major trading partner of the UAE. The official Emirati News Agency quoted Indian Foreign Minister SJ Shankar as saying that the signing of the agreement was "a milestone in bilateral relations".
The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase annual bilateral non-oil trade to 60 billion to 100 100 billion over the next three to five years, according to the Indian Prime Minister's Office. Will
The UAE Minister of State for Foreign Affairs told Reuters that a major trade and investment agreement had been signed between the two countries, which would open the door to more business opportunities.
He said that under the agreement, 80 per cent tariffs on goods from UAE and India have been abolished while all tariffs would be abolished within next 10 years.
