INTERNATIONAL DESK: As India celebrates its 77th Independence Day, Mohammed bin Rashid Al Maktoum, the ruler of Dubai and UAE’s Prime Minister, tweeted in Hindi to congratulate the people of the country.
“As India celebrates its 77th Independence Day, I extend my congratulations to the leadership and the people of this great nation. On this joyous occasion, the UAE reaffirms its commitment to building a future of shared prosperity and growth, elevating our partnership to new heights, and exploring new horizons of political, economic, and cultural relations. Happy Independence Day, Swatantrata Diwas! Sheikh Mohammed posted on the social media platform X, earlier known as Twitter.
UAE is among the top three trading partners for India. Bilateral trade between India and UAE was $84.5 billion in 2022/23. To further boost the trade relations, India in July signed an agreement with the UAE allowing it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions.
India’s top refiner Indian Oil Corp recently made payment to Abu Dhabi National Oil Company (ADNOC) in rupees.
Last year, India and UAE signed a Comprehensive Economic Partnership Agreement (India-UAE CEPA), the first bilateral trade accord concluded by the UAE, and India’s first bilateral trade agreement in the MENA or Middle East and North Africa region. CEPA will help launch a new era of strategic cooperation between both countries. It will transform bilateral economic and investment ties, open up emerging trade routes between Africa and Asia, promote global trade liberalization and propel economic growth in a post-COVID world.
“The UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, continues to consolidate its global position as a gateway for trade and investment,” said HH Sheikh Mohamed bin Zayed Al Nahyan. “India is one of our most important strategic partners, and this deal brings us closer than ever before. The agreement we have reached today with Prime Minister Modi not only deepens our economic and trading relationship with a close partner but unlocks a new phase of global cooperation for us.”
This deal promises to provide significant benefits to UAE and Indian businesses, including reduced tariffs and enhanced market access. Both the countries aim to increase bilateral trade to over $100 billion within five years. (ET)
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