India and UAE agree to raise mutual trade by 60% in next 5 years [ Current Affairs ]
About United Arab Emirates (UAE): This country was established in 1971. It is an association of seven territories, includes Abu Dhabi, Ajman, Dubai, Fujairah, Ras al - Khaimah, Sharjah, and Umm al - Quwain. Each territory is ruled by a monarch (Ruler) who jointly forms the Federal Supreme Council.
- Islam is the official religion.
- Arabic is the official language.
- The UAE’S oil reserves are the 7th largest in world.
- And its gas reserves are 17th largest worldwide.
- Dubai is considered to be the largest city and also is emerging in international trade and transport.
- Abu Dhabi is considered to be the capital of UAE.
- Khalifa bin Zayed Al Nahyan is the President of the UAE and Ruler of Abu Dhabi.
- Mohammed bin Rashid Al Maktoum is the Prime Minister of UAE and Ruler of Dubai.
- According to 2013 Sensex, its population was around 9.2 billion.
About Mutual trade between two countries:
- Trade exclusive between two states, particularly, barter (GIVE AND TAKE) trade based on mutual deals between governments without using cash for payment.
- It allows import and export of very large goods.
India and UAE’s agreement on mutual trading :
- India and UAE have agreed to increase development in different areas which include trade, commerce, energy, defence, space, investments and security.
- Both the countries reached to these agreements at the 11th session of the India - UAE Joint Commission meeting held in New Delhi.
- It was co - chaired by Union External Affairs minister Sushma Swaraj and President of UAE Sheikh Abdullah Bin Zayed Al - Nahyan.
- The key decision taken was to increase mutual trading by 60 % over the next 5 years.
- India will encourage UAE’s investment institutions to raise investments in India.
- Both countries agreed to work for early establishment of the planned India - UAE Joint Fund for investments in the infrastructure sector in India.
- Two sides also signed MoUs on cooperation in the areas of Higher Education and Scientific Research, Telecommunication and Tourism.
- MoU between the Federation of Indian Chambers of Commerce (FICC) and Federation of UAE Chambers of Commerce and Industry was also signed
- Published on: September 12, 2015