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
