'Bilateral trade expected to reach $100 billion'; UAE is India's third largest trading partner
India-UAE: The UAE under Prime Minister Narendra Modi has numerous economic facets as well. It is predicted that bilateral trade between India and the UAE could reach up to $100 billion dollars following PM Modi's visit.
Before 2030, bilateral trade between India and the United Arab Emirates (UAE) is expected to surpass $100 billion, or roughly Rs 8.3 lakh crore. During PM Modi's two-day visit, significant economic agreements were signed with President Sheikh Mohammed bin Zayed Al Nahyan. A joint statement was released expressing this hope. The two leaders conveyed their contentment with the accomplishments in different domains. To investigate potential new areas of collaboration, the two leaders established a solid economic and commercial alliance.
UAE has been India's third largest trading partner in the financial year 2022-23. Both countries have set a target of $100 billion in trade by 2030, but it is believed that this target will be achieved much earlier. Following lengthy negotiations between PM Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan, the two nations released a joint statement. The two most important leaders said they were in favour of initiatives aimed at enhancing trade and economic cooperation. It is anticipated that in 2022–2023, bilateral trade between the two nations will reach US$ 85 billion.
The President of the UAE and PM Modi talked about how to strengthen their bilateral energy partnership. Oil, gas, and renewable energy are examples of this. Recently, ADNOC Gas and Indian Oil Corporation Limited and Gas Authority of India Limited (GAIL) inked two additional long-term LNG supply agreements.
