Abu Dhabi: External Affairs Minister S Jayashankar has said that India and other countries like UAE can play a big role in changing the divided world full of conflicts. He was speaking at the India Global Forum (IGF) UAE Summit held in Abu Dhabi.
“India and the UAE are two countries that are well connected. We have known each other for a long time and this relationship can not only survive.
Jayashankar also said that the relationship between the two countries is ambitious as it is not limited by bilateral possibilities. Jayashankar added that the trade relationship between India and the UAE will be further strengthened and the UAE is today India’s third largest trading partner and India’s second largest export market.
Jayashankar said that the scope of this relationship can be understood from what both the countries have achieved by making the Comprehensive Economic Cooperation Agreement possible very quickly.
So whether we are talking people or business, the UAE has special importance in our view,” he said. The one in the UAE was also the first major international event after India’s accession to the G20 presidency.
Meanwhile, India’s exports to the UAE during April-September 2022 were around US$16 billion. It has grown by 24 percent year-on-year in the last period. During the same period, India’s imports have increased by 38 percent to reach $28.4 billion. Bilateral trade is estimated to be around US$ 72 billion in FY 2021-22.
It is expected that trade relations between the two countries will become stronger with the implementation of the Comprehensive Economic Cooperation Agreement. It was at a virtual summit held on February 18 this year that India and the UAE signed the Comprehensive Economic Partnership Agreement. UAE FDI in India has steadily increased over the past few years. Currently it is more than 12 billion dollars.