Indian Economy News

Trade pacts with UAE, Australia will fuel economic growth: FM Sitharaman

Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman stated that the country's trade agreements with the United Arab Emirates and Australia will pave the path for economic growth. She further stated that the Director General of Foreign Trade (DGFT) has been requested to translate the trade treaty specifics into Tamil and share them with the media and stakeholders. Tamil Nadu has a long history in the leather business, and it has modernised and been a trade leader for many years.

When Prime Minister Mr. Narendra Modi visited the UAE a few years ago, the Royal family committed US$ 75 billion in investments in India, according to her. She further stated that a formal agreement has been reached and that entrepreneurs should scale up their enterprises in order to receive a share of the capital. Union Minister of State for Commerce and Industry, Ms. Anupriya Patel said that the trade pact between India and the UAE was signed in record time. India is UAE’s second-largest trading partner. The comprehensive agreement between the two countries will yield several benefits. There is enormous potential, and there are several job possibilities to be generated. Bilateral trade will more than double during the next five years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.