Abu Dhabi: On 13 November 2023, India and the United Arab Emirates (UAE) signed a comprehensive $15 billion trade agreement aimed at boosting economic ties between the two nations. The agreement was signed during Prime Minister Narendra Modi’s two-day visit to Abu Dhabi, where he held discussions with UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Key Aspects of the Deal:
1. Reduction of trade barriers in sectors like technology, agriculture, and renewable energy.
2. Collaboration on green hydrogen projects to achieve shared sustainability goals.
3. UAE’s investment in India’s infrastructure and startup ecosystem.
The agreement is expected to:
Increase bilateral trade to $100 billion by 2030.
Generate thousands of jobs in both countries.
Strengthen strategic and cultural ties between India and the UAE.
PM Modi emphasized the importance of this agreement, stating, “This partnership will unlock new opportunities for both nations and further strengthen our shared vision for prosperity and growth.”
Economic experts have hailed this agreement as a significant step towards achieving India’s $5 trillion economy goal.
