India and the UAE are continuing their talks on a comprehensive economic deal which is expected to increase trade to $100 billion and services to $15 billion in the next five years, said Dr Aman Bouri, Indian Consul General to the UAE.
Such an agreement will further strengthen ties, expand economic and investment possibilities and usher in a new era of strategic collaboration between the two countries, said Dr Bouri at a virtual meeting organised by Dubai Customs with an Indian business and trade delegation as part of their Ertibat Initiative, which aims at enhancing links and cooperation with diplomatic missions and trade partners.
The meeting took place in the presence of Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation, Director General of Dubai Customs.
“India is Dubai’s second largest trade partner, and the emirate’s trade with India touched AED67 billion ($18.24 billion) in the first half of 2021 (AED32 billion in imports, AED19 billion in exports, and AED16 billion in re-exports), growing 74% from AED39 billion in the corresponding period in 2020,” said Musabih.
Major commodities include diamonds at AED20.8 billion, gold at AED10.4 billion, petroleum at AED4.3 billion, and telecoms at AED4 billion.
Dr Bouri thanked Dubai Customs for organising these meetings, which serve the interests of both parties and facilitate trade and investment activity between India and the UAE.
“Trade between the UAE and India shows signs of remarkable recovery and growth. Many Indian businesspersons are moving their headquarters or branches to Dubai. Expo 2020 Dubai means a lot to us in India and we are the largest nationality in the exhibition,” he said.
Musabih welcomed the Indian delegation highlighting the strong historic relation between the UAE and India.
“We continuously develop our work models to support our partners’ trade activities and reduce the cost of their operations. Any success we make is also a success to our partners. With this vision always in mind, we achieved 98% on the client happiness index,” he said.
In the meeting, presentations on the Authorised Economic Operator, and the Cross Border e-Commerce Platform were delivered.-- TradeArabia News Service