UAE News: Government Seeks $100 Billion India Trade as It Deepens Ties - Bloomberg
The United Arab Emirates is seeking to more than double non-oil trade with India to as much as $100 billion over five years as part of efforts to deepen ties with fast-growing economies beyond the Middle East.
The two governments are set to start talks on an economic pact aimed at boosting business, investment and jobs, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on a visit to New Delhi for talks with Indian Commerce Minister Piyush Goyal.
“Both sides have drawn up a very aggressive and ambitious time-frame and aim to conclude negotiations by December 2021,” Goyal said at a press conference on Wednesday. “We hope to sign formal agreements in the early part of 2022.”
Home to some of the world’s biggest wealth funds, the UAE is looking to reposition itself as a global hub for business and finance in the face of growing regional competition from Saudi Arabia. Earlier this month, the government said it plans to work on comprehensive economic agreements with countries showing high potential for growth, mainly in Asia and Africa. Last week, it said it plans to invest up to $14 billion in Britain.
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