India, UAE begin trade talks

New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday held a meeting with visiting UAE minister for foreign trade Thani Bin Ahmed Al Zeyoudi and discussed ways to further boost trade and investment relations between both the countries.

"Both sides discussed the strong economic and commercial engagement between the India-UAE and the comprehensive strategic partnership which is driving the multifaceted bilateral relations," the finance ministry said in a statement.

A high-level UAE delegation, led by Thani Bin Ahmed Al Zeyoudi, is in India to hold talks aimed at improving bilateral economic relations, including expanding the existing trade and investment relationship, it said.

The first round of Comprehensive Economic Partnership Agreement (CEPA) negotiations is underway. "The regular exchange of high-level bilateral visits even during Covid-19 pandemic reflects close friendship between the two countries," it added.

India and the UAE on Wednesday formally launched negotiations for a CEPA with an early harvest to be concluded by end December, a move aimed at boosting trade and investments between the countries. The two countries also look to sign a formal agreement, officially dubbed as CEPA, in March 2022 after the completion of internal legal procedures and ratification. The UAE is currently India's third-largest trading partner with bilateral trade in 2019-20 valued at $59 billion.