FinMin Sitharaman meets UAE minister, discuss deepening of trade, investment ties
It should be noted that a high-level UAE delegation, led by Thani Bin Ahmed Al Zeyoudi, is in India to hold talks aimed at improving bilateral economic relations, including expanding the existing trade and investment relationship.
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New Delhi, September 23: Finance Minister Nirmala Sitharaman met the UAE minister for foreign trade Thani Bin Ahmed Al Zeyoudi, and discussed ways to further boost trade and investment relations between both countries.
During the meeting, Sitharaman and Zeyoudi discussed the strong economic and commercial engagement between India and UAE. They also reviewed the comprehensive strategic partnership which is driving the multi-faceted bilateral relations. "Both sides discussed the strong economic and commercial engagement between the India-UAE and the comprehensive strategic partnership which is driving the multifaceted bilateral relations," the finance ministry said in a statement.
It should be noted that a high-level UAE delegation, led by Thani Bin Ahmed Al Zeyoudi, is in India to hold talks aimed at improving bilateral economic relations, including expanding the existing trade and investment relationship, it said. The first round of Comprehensive Economic Partnership Agreement (CEPA) negotiations is underway.
"The regular exchange of high-level bilateral visits even during COVID-19 pandemic reflects close friendship between the two countries," it added.
Both the countries have formally launched negotiations for a CEPA with an early harvest to be concluded by the end of December, a move aimed at boosting trade and investments between the countries. Moreover, they are also looking forward to signing a formal agreement, officially dubbed as CEPA, in March 2022 after the completion of internal legal procedures and ratification.
The UAE is currently India's third-largest trading partner with bilateral trade in 2019-20 valued at USD 59 billion. The UAE is also India''s second-largest export destination after the US, with exports valued at about USD 29 billion in 2019-20.
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