The Indian foreign ministry said in a statement that India and the United Arab Emirates struck an agreement on Friday aiming at increasing bilateral trade to $100 billion from $60 billion over the next five years.
The agreement, which was signed by India’s Commerce and Industry Minister Piyush Goyal and UAE Economy Minister Abdulla bin Touq Al Marri, aims to help businesses by improving market access and lowering tariffs. There were no immediate details provided.
Energy, commerce, climate action, new technologies, skills and education, food security, healthcare, defence and security were among the areas where the two sides established a roadmap for collaboration.
After the United States and China, the UAE is India’s third-largest export destination, with shipments expected to reach almost $16 billion in 2020-21. Every year, more than 3 million Indians working in the Gulf state send billions of cash home.
Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and India’s Prime Minister Narendra Modi attended a virtual summit in New Delhi and oversaw the signing of the agreement by the two ministers.