INDIA-UAE TRADE PACT

TOPIC: IR

Context- THE Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), likely to be signed on Friday.

Concept-

India-UAE trade relations:

The United Arab Emirates is India’s third largest trading partner after China and USA, and second largest export destination after USA as per Economic Survey 2021.
Bilateral trade between India and the UAE stood at $43.3 billion in 2020-21.
India’s major exports to the UAE include petroleum products, precious metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat, and seafood, textiles, engineering and machinery products, and chemicals.
India’s top imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals and wood and wood products.
- India imported $10.9 billion of crude oil from the UAE in 2019-2020.