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India-UAE sign comprehensive trade agreement

Date: 21 February 2022 Tags: Miscellaneous
  • India has signed a trade pact with the United Arab Emirates (UAE) that will reduce import duties on the majority of Indian exports to the country.
  • While it cuts import duties on a wide range of products, the government expects it to especially boost the export of gems and jewellery, and apparels to the UAE and raise total trade up to $100 billion in the next 5-years.
  • UAE is India’s third-largest trade partner globally, after the United States and China. Bilateral trade between both nations stood at $43.3 billion as of 2020-21 and is spread across thousands of traded items.