- The deal is expected to reach a final decision by the first half of next year
- The target is $ 115 billion in trade between the two countries in five years
- In the wake of the Kovid crisis, there was a slight decline in bilateral trade
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Negotiations will be completed by next month
He said the two countries had reached an agreement on the signing of a comprehensive economic partnership agreement (Comprehensive Economic Partnership Agreement) by next month. In 2019-20, bilateral trade was worth $ 59 billion. But in the wake of the Kovid crisis, there was a slight decline in bilateral trade.
In the fiscal year 2020-21, it dropped to $ 43 billion. However, he said the signing of the trade agreement aims to improve mutual cooperation and thereby increase bilateral trade to $ 115 billion in five years.
Participation in the Dubai Expo is crucial
He said the Indian pavilion at Expo 2020 in Dubai has further strengthened India-UAE cooperation. The millions of people flocking to the Indian pavilion show the warm relationship between the two countries.
The pavilion provided an insight into the trade and investment potential of India. He said investment opportunities in Gujarat, Karnataka, Telangana and Ladakh have aroused great interest among visitors.
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He said the various art and cultural events held at the Indian Pavilion on the occasion of Navratri, Dussehra and Diwali were a great contribution to the cultural integration between the two countries.
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