India and UAE are poised to sign a new trade deal set to be worth $100 billion over the next five years after a swift conclusion to negotiations.
The Comprehensive Economic Partnership Agreement will be formally adopted on Feb.18 at a bilateral summit hosted by Indian Prime Minister Narendra Modi, according to reports in the country’s media outlets.
The new deal is expected to elevate the imports of Indian products in the UAE, especially textiles, jewelry, and gems.
According to the Gems and Jewelry Export Promotion Council, UAE accounts for more than 80 percent of India’s jewelry and gem exports.
However, due to the pandemic, the jewelry trade witnessed a massive setback, and this agreement is expected to revamp the sector.
For India, UAE is the third trading partner globally, next to the US and China.
In 2019-20, the bilateral trade between India and UAE was estimated at $59 billion, before plummeting to $43.3 billion in 2020-21 as COVID-19 swept across the globe.
The agreement will be signed by UAE’s minister of economy Abdulla bin Touq Al Marri and Indian commerce and industry minister Piyush Goyal.