India, UAE Seal Bilateral Economic Pact to Deepen Trade and Investment Ties - Bloomberg
The trade deal inked Friday cutting duties on almost 90% of goods traded between India and the United Arab Emirates, will create one million jobs in the next five years, a senior Indian trade official said.
Trade secretary B.V.R. Subrahmanyam, speaking Saturday in an online briefing, called the deal a “win-win” and said it would kick-in between April and May.
India is seeking to deepen trade relationships to help its economy recover from the pandemic. It sees the deal with the UAE, its third-largest trade partner, as a springboard for moving further on agreements with other Gulf Arab nations.
The UAE, meanwhile, is seeking to burnish its reputation as a global hub amid regional competition with Saudi Arabia. The oil-rich Gulf state signed a similar pact with Turkey a few days before finalizing the deal with India.
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