1 hr ago

India, UAE deepen trade and investment ties under CEPA

India and the United Arab Emirates want to strengthen their business relationship.

Commerce Minister Piyush Goyal met senior UAE officials to discuss investment and trade.

He said Indian companies offer opportunities in many different sectors.

The two countries are using a trade agreement called CEPA to support this cooperation.

They want the UAE’s investment in India to grow from about $25 billion to $100 billion.

Possible investment areas include space, startups, ports and shipbuilding.

India and the UAE also want to work together on six parts of the maritime industry.

They are discussing energy projects and ways to increase trade using their own currencies.

Key facts

Investment target: The UAE aims to increase investments in India to $100 billion from around $25 billion or more.
Trade framework: The Comprehensive Economic Partnership Agreement supports trade, investment and supply-chain cooperation.
Maritime cooperation: Six areas were identified: ship ownership, modern ports, ship manufacturing, ship repair and maintenance, shipbreaking and container manufacturing.
Potential sectors: UAE investors are looking at space, startups, ports, shipbuilding and India’s stock market.
Local-currency trade: India-UAE local-currency trade is already in double digits, according to Goyal, and both sides want to expand it faster.
Energy cooperation: The countries have plans involving crude oil storage, strategic reserves, LNG and LPG infrastructure, and long-term LPG supplies.

thehansindia.com · 1 hr ago