HYDERABAD: Pointing out that the UAE is India’s third-largest trading partner with bilateral trade of $59 billion in FY 2019-20 and second-largest export destination, Ministry of Commerce & Industry Joint Secretary Srikar K Reddy on Wednesday said that is expected to achieve its export target of $400 billion by end of March.
Addressing an interactive meeting organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI) on the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, Srikar Reddy said that during 2019-20, India exported services worth $ 2,932.34 million to the UAE and while the import value was $6,086.40 million.
Of this, gold exports were valued at $ 3,008.76 million and other direct exports $ 3,518.96 million. India-UAE CEPA is a comprehensive agreement covering all aspects of bilateral economic cooperation.
Negotiations were held in physical and virtual mode and concluded in a record time of 88 days, he said. FTCCI president K Bhasker Reddy said the India-UAE CEPA is a landmark trade pact that will propel the two nations towards a magnificent, shared destiny.