India-UAE ties are not only comprehensive but strategic: India's envoy Sunjay Sudhir

Indian ambassador to the United Arab Emirates (UAE), Mr. Sunjay Sudhir stated that the yearly bilateral trade between India and the UAE is US$ 60 billion when there is no Comprehensive Economic Partnership Agreement (CEPA). The UAE's second-largest trading partner in India and India's third-largest trading partner is the UAE. So, he highlighted that in terms of India's exports, when CEPA takes effect, which is likely to be May 1, our commodities worth 90% of current exports will have nil tariff, down from 5% currently. As a result, our export products will have an advantage over rival exporters from other countries.

He also highlighted geopolitical concerns stating that India and the United Arab Emirates have a long history of cordial relations. These ties have now reached unparalleled heights. The UAE is India's most important trading partner in the Middle East and North Africa (MENA) region. In addition, it is the largest investor among all of these nations. The signing of the accord with India is a significant confidence-building step for the UAE. When the Covid epidemic damaged food supply lines, India was one of the first countries to step forward to help the UAE's food security by repairing broken supply lines. It was past time for the UAE to recognise the importance of developing strong commercial and business ties with India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.