Trade discussions between the UAE and India have concluded.
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, who arrived in India's capital New Delhi on Tuesday last week, held discussions with Indian officials on improving economic ties through a Comprehensive Economic Partnership Agreement (Cepa).
Dr Al Zeyoudi met Piyush Goyal, India’s Minister of Commerce and Industry, to review investment and economic opportunities. They also discussed ways to push bilateral trade beyond $100 billion in five years.
Also present was Jyotiraditya Scindia, Indian Minister of Civil Aviation, with whom Dr Al Zayoudi discussed the potential for increasing seat capacity for UAE carriers flying from India during Expo 2020 Dubai, as well as expanding the number of Indian airports offering direct services to the UAE.
The UAE minister mentioned the UAE's Projects of the 50 initiative, which aims to attract global talent and accelerate the adoption of Fourth Industrial Revolution technologies.
"The Cepa builds on our historic ties by laying the foundation for a mutually beneficial partnership that creates new jobs, promotes foreign direct investment, empowers entrepreneurs, attracts talent and accelerates our knowledge-driven economies – and it will drive economic growth and prosperity across the region," said Dr Al Zeyoudi.
In the final engagement of the four-day day trip, the UAE delegation met India's Finance Minister Nirmala Sitharaman. The two countries discussed ways to expand economic and commercial engagement, with particular mention of the UAE's growing FinTech sector – a market expected to reach $305bn by 2025.
India’s FinTech sector is currently valued at $31bn and is expected to hit $84bn by 2025.