India, UAE bilateral trade to cross USD 88 billion this year, up from USD 73 billion last fiscal

 New Delhi: Bilateral trade for India and the United Arab Emirates (UAE) is set to breach USD 88 billion this year, making the Arab country India’s third largest trading partner, after the United States and China. The projected bilateral trade of 88 billion dollars for the current financial year between the two countries, will surpass last financial year’s figures of 73 billion dollars, according to a report. The relationship between India and the UAE has seen several changes since 2014—the year that the ruling Bharatiya Janata Party came to power with Prime Minister Narendra Modi at the helm. Over the years, the UAE has steadily made its way to become the third largest trading partner of the country. In five months, between April and August of the Current Fiscal Year (CFY), the bilateral trade between India and the West Asian country was recorded at USD 36.82 billion. The trade has been projected to surpass USD 88 billion for CFY as compared to USD 73 billion for the last fiscal. Prime Minister Narendra Modi has visited UAE four times in the last eight years that the BJP has been in power at the Centre, with the Foreign Ministers meeting four times in the last three months. Earlier this year, Modi visited the UAE on June 28 and met President Sheikh Mohammed bin Zayed Al Nahyan. Jaishankar had visited the UAE in August-September to co-chair the 14th Joint Commission Meeting and the third Strategic Dialogue with UAE Foreign Minister Sheikh Abdullah. The UAE signed its first-ever Comprehensive Economic Partnership Agreement (CEPA) agreement with India in February this year. It was the first for India in the last ten years and it came into operation in May 2022. United Arab Emirates’ Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan is currently touring India on a two-day official visit to strengthen the relationship between the two countries. The UAE Foreign Minister on Tuesday met External Affairs Minister S Jaishankar to discuss ways to strengthen the bilateral relationship between the two nations.  Both countries are also discussing making use of UPI as a payment platform for remittances from the 3.5 million-strong Indian community in the UAE. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.