April 13, 2021

Trade Agreement Between India And Uae

Filed under: Uncategorized — dpk3000 @ 7:14 am

After the 1990s, economic relations between India and the United Arab Emirates underwent a significant change with the beginning of the liberal policy put in place by the Indian government of Prime Minister Narasimha Rao, who tried to maintain stable relations between India and the United Arab Emirates. The agreement on the prevention of double taxation was signed between the Ministry of Finance of the United Arab Emirates government and the Ministry of Finance of India to allow the free movement of goods between the two countries. This has contributed to the increase in trade relations between the two countries, as shown in the International Monetary Fund`s trade statistics report. According to the report, Indian exports to the United Arab Emirates increased from $455 million in 1990 to $1,287 million in 1998. According to the report, Indian imports from the United Arab Emirates have also increased in the same way. Currently, the United Arab Emirates is India`s third largest trading partner. Trade between India and the United Arab Emirates, according to the report of the Director General of Trade Information and Statistics. According to the report, total trade between the two countries increased by 20.09%. This is due to the various agreements and investments of uae companies in India. One of the most important agreements signed was the 2012 Customs Cooperation Agreement, which aimed to improve trade and reduce tariffs, which can help reduce trade gaps between the two countries. There have been other agreements, as well as Memorandums of Understanding signed between the two countries to strengthen trade between the two countries.

The EU cabinet has signed an agreement between India and the United Arab Emirates on technical cooperation in the railway sector. The MoU was signed in February 2018 with the Federal Transport Authority – Land – Maritime of UAE. The MoU will provide Indian Railways with a platform to interact and exchange with the latest developments and knowledge in the rail sector. It will facilitate the exchange of information, expert meetings, technical visits and the implementation of cooperation projects agreed upon by the two countries. The MoU will allow technical cooperation in the following areas: Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) have signed a framework agreement to jointly develop the Ratnagiri refinery and Petrochemicals Limited (RRPCL), a mega-refinery and petrochemical complex integrated at 1.2 million barrels per day.