India-UAE growing economic and trade relations contribute to the stability and resilience of the rapidly dividing and deepening relations between the two countries. India-UAE bilateral trade, valued at $ 180 million (Rs.1373 crore) per year in the 1970s increased to US $ 60 billion (Rs.4.57 lakh crore) making the UAE, the third party the largest Indian trade in 2019. -20 after China and the US. In addition, the UAE is the second largest exporter to India (after the US) with an export value of US $ 29 billion (Rs.2.21 lakh crore) for 2019-2020.
The UAE is the eighth largest investor in India with an estimated investment of US $ 18 billion (Rs.1.37 lakh crore). Indian investment in the UAE is estimated at about $ 85 billion (Rs.6.48 lakh crore).The Union Cabinet led by the Prime Minister, Shri Narendra Modi, today approved the proposal to sign a Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) on Cooperation in the Industrial and Advanced Technology Sector.
India and the UAE signed the “Comprehensive Economic Partnership Agreement” (CEPA) on 18/02/2022. The agreement has the potential to increase trade between India and the UAE from US $ 60 billion (Rs.4.57 lakh crore) to US $ 100 billion (Rs.7.63 lakh crore) over the next five years.
The MoU aims to work together for the benefit of the following areas:
a. Strengthening the Supply Chain Strength of Industries
b. Renewable and Energy Efficiency
c. Health and health sciences
d. Atmospheric systems
e. Artificial intelligence
f. Industry 4.0 Enabling Technologies
g. Evaluation, metrology, compliance testing, accreditation, and Halal certification.
The MoU aims to strengthen and develop industries in both countries through investment, technology transfer and the distribution of important industrial technologies. This is likely to create job opportunities throughout the economy.The signing of the MoU will lead to the realization of the goal of Atmanirbhar Bharat, a clear call given by the Honorable Prime Minister of India in making India a self-reliant country.
The implementation of the MoU may lead to increased research and innovation across all areas of collaboration, especially in the fields of Renewable Energy, Performance Intelligence, Industrial Technology and Health Sciences and Health. This could lead to the growth of these sectors, an increase in domestic production, an improvement in exports and a decrease in imports.
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