President Sheikh Mohamed and Prime Minister Narendra Modi have met to discuss strengthening economic partnerships between the UAE and India.
The leaders, who spoke on the sidelines of the G20 summit in New Delhi on Saturday, discussed boosting their Comprehensive Economic Partnership Agreement (Cepa) and other “promising opportunities”, UAE state news agency Wam reported.
Sheikh Mohamed and Mr Modi touched on topics including reinforcing bilateral co-operation, especially in the economic, investment, development, renewable energy and food security sectors as both countries seek sustainable growth.
They also addressed the importance in accelerating mutually beneficial action in the areas of sustainability, environmental conservation and climate change mitigation, aside from regional and international developments of mutual interest.
India will play host to more than 40 world leaders and international delegates over the weekend as they meet for the final summit of the year-long G20 events under New Delhi’s presidency.
South Asia's largest economy is also one of the UAE's leading trade partners and comprises the largest expatriate community in the Emirates.
The UAE signed its first Cepa with India in February last year and it took effect the following May. Bilateral non-oil trade between the UAE and India reached $50.5 billion, a 5.8 per cent annual increase, in the first 12 months of the signing of the Cepa
The benefits of Cepa include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules, and rules-based competition.
The UAE, which aims to boost trade and economic relations with countries around the world, is working towards signing 26 Cepas as it seeks to attract more investment and diversify its economy.
The Emirates aims to improve trade and investment ties with fast-growing economies in Asia, Africa and the Middle East, as well as attract $150 billion in foreign investment to its domestic non-oil industries and diversify its export profile.
The UAE's goods trade with the rest of the world hit $1.02 trillion in 2022, with exports and imports increasing due to higher crude oil prices, according to the World Trade Organisation's Global Trade Outlook and Statistics report released in April.
The G20 is an international forum comprising 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US plus the EU.
The group accounts for 80 per cent of the world’s economic activity, 75 per cent of international trade and two thirds of the world population, making it the premier forum for international economic co-operation.