India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, to enhance bilateral trade and economic cooperation. One year after signing the agreement, the bilateral trade between the two countries has been smooth and is growing rapidly. Indian Prime Minister Narendra Modi recently tweeted about the significant increase in trade growth between the two nations.
Moreover, the UAE has expressed an interest in trading non-oil products with India in Indian Rupees instead of the US Dollar. This is good news for the Indian economy, as it will reduce its dependency on the US dollar and promote the use of the Indian currency in international trade.
The UAE is a significant trading partner for India, and the two countries have maintained close economic ties over the years. The UAE is India's third-largest trading partner and the second-largest export destination for Indian goods. The CEPA agreement has further strengthened the bilateral economic relationship between the two nations, leading to increased trade and investment opportunities.
The decision by the UAE to trade in Indian Rupees instead of the US Dollar will provide a significant boost to the Indian economy, as it will help India reduce its current account deficit and foreign exchange reserve requirements. It will also make Indian exports more competitive in the global market, leading to increased demand for Indian goods and services.
In conclusion, the CEPA agreement signed between India and the UAE has been a great success, and the decision to trade non-oil products in Indian Rupees is an added advantage for India. This move will help to strengthen the economic relationship between the two nations and promote India's economic growth in the international arena.
Best site to buy export quality products - https://sites.google.com/view/micro-stories/home
Export Import Business Consultant WhatsApp 91-9043441374
#exportbusiness
Comments
Post a Comment