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Non-Oil Trade UPSC NOTE

 Non-Oil Trade

  • India and the UAE on Monday set a target to increase the non-oil trade from the current $48 billion to $100 billion by 2030.

  • The goal to achieve $100 billion in non-oil trade was set during the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement (CEPA).

  • The target of $100 billion will not include the oil trade.

  • It is agreed to set up various committees and subcommittees and technical councils with regard to the implementation of various provisions of the trade agreement.

  • The trade agreement, is helping 

    • Indian exports from sectors like textiles, footwear, automobiles and gems and jewellery, 

    • While UAE exporters are increasing shipments from iron and steel, aluminium and polymers.

  • India is UAE's second-largest trading partner accounting for 9% of its total foreign trade and 14% of non-oil exports. 

  • Also, the UAE is India's third biggest trade partner

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Non-Oil Trade UPSC NOTE
Non-Oil Trade UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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