In what came as a major development, India and UAE signed the comprehensive economic cooperation agreement, after three months of deliberation
The CEPA includes a digital trade element, which officials are describing as a first of its kind for both countries.
Notably, India-UAE has shared a long history of economic ties. UAE is the third-largest trading partner of India
Further UAE is also the second-largest export destination. Bilateral trade between India and the UAE stood at $43.3 billion in 2020-21. Exports were $16.7 billion, and imports, driven by oil, pushed the balance in favour of the UAE at $26.7 billion in 2020-21
PM Modi while addressing the virtual summit stated that companies in UAE had expressed their desire of investing in Jammu and Kashmir following a visit by LG Manoj Sinha. Modi said that he wholeheartedly welcomes these ventures in logistics, healthcare etc
The CEPA envisages taking the bilateral trade to $115 billlion from current levels, with the trade of goods being $100 billion and trade of services being $15 billion