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The centre has approved proposal between India and which nation for cooperation in industries and advanced technologies?
A)
Oman
B)
Qatar
C)
Saudi Arabia
D)
United Arab Emirates(UAE)

Correct Answer :   United Arab Emirates(UAE)


The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today(8th June 2022) has approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) on Cooperation in the field of Industries and Advanced Technologies.
 
Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapid diversifying and deepening bilateral relationship between the two countries.

India-UAE bilateral trade, valued at US$ 180 million (Rs.1373 crore) per annum in the 1970s has increased to US$ 60 billion (Rs.4.57 lakh crore) making the UAE, India's third largest trading partner for the year 2019-20 after China and the US. Moreover, the UAE is the second largest export destination of India (after US) with an export value of US$ 29 billion (Rs.2.21 lakh crore) for the year 2019-2020.

The UAE is eighth largest investor in India with an estimated investment of US$ 18 billion (Rs.1.37 lakh crore). Indian investments in the UAE are estimated at around US$ 85 billion (Rs.6.48 lakh crore).
 
India and the UAE have signed a bilateral "Comprehensive Economic Partnership Agreement" (CEPA) on 18/02/2022. This agreement has potential to increase trade between India and the UAE from US$ 60 billion (Rs.4.57 lakh crore) to US$ 100 billion (Rs.7.63 lakh crore) in the next five years.
 
The MoU envisages cooperation on a mutually beneficial basis in the following areas:
 
a. Strengthening the Supply Chain Resilience of Industries
 
b. Renewable & Energy Efficiency
 
c. Health and life sciences
 
d. Space Systems
 
e. Artificial Intelligence
 
f.  Industry 4.0 Enabling Technologies
 
g. Standardization, metrology, conformity assessment, accreditation, and Halal certification.

Source : PIB

Published On : June 8, 2022
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