2023-05-06 09:02:00
Bridging the Gulf: UAE-India CEPA promoted a favourable environment for startups to thrive in both countriesContext Shaped over a millennium of culture and economic engagement around the Indian Ocean network, today
India-UAE relationship has reached beyond economic cooperation.
This partnership reinforces the UAE’s position as an economic hub for India to undertake sustainable and diversified growth through the UAE's strategic location at the intersection of global trade.
Background of India-United Arab Emirates (UAE) partnership
The India-UAE partnership started with the
trade of traditional items.
Oil trading further
strengthened this relationship. The relationship was
formalised after the creation of the UAE Federation in 1971. The
partnership accelerated in the 1990s after India liberalised its economy and started working on exports to the UAE and other countries.
Today, UAE is
India's third largest trading partner.
The Comprehensive Economic Partnership Agreement (CEPA)Building on mutual enterprise and a positive outlook on economic cooperation,
India and the UAE formulated CEPA. CEPA is a full and deep Agreement
signed on 18 February 2022 which
came into existence on 1 May 2022, with an aim of taking bilateral trade to
US$ 100 billion within 5 years.
It commences a new chapter in the shared history,
unlocking greater trade volumes and improved mutual access to markets and stimulating a wide range of economic, industrial and investment opportunities.
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