New Delhi: India announced a day of state mourning on May 14, following the demise of UAE President Sheikh Khalifa bin Zayed Al Nahyan. The last recent such country wide state of mourning was after the death of singer Lata Mangeshkar in February 6, when a two-day mourning period was observed. When the former president and former prime minister of the Republic of Mauritius, Sir Anerood Jugnauth passed away, one day’s state mourning was observed on June 4 of 2021.
Economically, it bodes well to have better trade ties with the UAE, which among Middle East and North African nations, tops as the largest trading partner for India. As far as exports go, in 2021 April- 2022 February India’s export to UAE was of Rs 18,565,724.62 lakhs, which is USD 24,962.83 million, up from Rs 12,333,391.82 in 2020-21 or USD 16,679.54 million.
UAE also has a total of 34,25,144 of overseas Indians, according to the data by the Ministry of External Affairs.
At the same time, India in November of last year, became part of a Quad group, teaming up with United States, UAE and Israel, in what was said to counter China economically, politically and territorially. Alliances such as these would work in favour of India, which is seeing an increasingly aggressive China, at the Line of Actual Control.
UAE is a significant partner for India, one which had only recently seen the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations in February 18, aimed at increasing bilateral merchandise trade to US Dollars (USD) 100 billion by 2030.
This agreement had been signed during the India-UAE Virtual Summit between Prime Minister Narendra Modi, Sheikh Mohammed Bin Zayed Al-Nahyan, who now takes charge at the President of UAE. The unveiling of the deal of March 28 was tagged as a historic day by the central government as a historic day with the agreement covering trade in goods, services, dispute settlement, movement of natural persons, telecom, customs procedures, pharmaceutical products, and others.
India, it said, would benefit from preferential market access provided by the UAE on over 97 percent of its tariff lines which account for 99 per cent of Indian exports to the UAE in value terms, especially for all labour-intensive sectors such as gems and jewellery, textiles, leather, agricultural and wood products, medical devices, and Automobiles amongst others. India will also be offering preferential access to the UAE on over 90 of its tariff lines, including lines of export interest to the UAE, it said.
India has even offered market access to the UAE in around 100 sub-sectors, while Indian service providers will have access to around 111 sub-sectors from the 11 broad service sectors such as ‘business services’, ‘communication services’, ‘construction and related engineering services’, ‘financial services’, ‘health related and social services’, ‘tourism and travel related services’, and others.