Armenian President Visits UAE: Strengthening Ties Between Nations

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  In a significant diplomatic move, the President of Armenia has embarked on an official visit to the United Arab Emirates (UAE), aiming to bolster bilateral relations, expand economic cooperation, and foster cultural exchange between the two nations. The high-level visit marks a new chapter in Armenia-UAE relations, showcasing a mutual commitment to deepening political dialogue and exploring opportunities in trade, technology, energy, tourism, and investment. During his visit, the Armenian President held discussions with top Emirati leaders, including His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi. The leaders discussed regional and international developments, emphasizing the importance of peace, stability, and economic collaboration in the South Caucasus and Middle East regions. Key Highlights of the Visit: Economic Partnerships: Talks included strategies to enhance mutual trade and explore investment in sectors such as infrast...
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India’s trade venture into the Middle East

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Middle East


Also read :Middle East's Tourism Sector Leads Global Rebound Post-Pandemic, HSBC Reports

India and the UAE inked the Comprehensive Economic Partnership Agreement (CEPA) in February 2022 after just 88 days of discussions. This is India's first comprehensive free trade agreement in the last ten years, which may be a reflection of the significance of the parties' trade relationship (the UAE will be India's third-largest trading partner in 2021). Other agreements, notably with the UK, Australia, and the EU, are on the horizon.

 There are several reasons why the CEPA is important. Within the next five years, it is anticipated to increase bilateral trade from $60 billion to $100 billion, creating 1 million new jobs in India. Greater economic ties with the UAE could pave the way for stronger ties between India and other Gulf nations, with whom India has recently seen its bilateral commerce grow at an exponential rate. A trade agreement will enhance investment and trade between the two regions.
Also read : Citigroup's Middle East and Africa Business Set for Strong Revenue Growth Amidst Investment Banking Deals

 The agreement addresses a broad range of issues of shared interest, including free trade and the digital economy. It comes with certain safeguards to protect domestic manufacturers as well as rules of origin restrictions.
Also read :Digital Assets Gain Traction Among Middle East Investors, Survey Finds
 In accordance with the CEPA, the UAE is expected to reduce taxes on 97% of the tariff lines that account for 99% of India's exports to the UAE in terms of value, including the immediate elimination of tariffs on 81% of lines.

Also read :The UAE: A Global Economic Leader as Top Emerging Market in 2023 FDICI
The CEPA guarantees 11 industries, including telecommunications, tourism, banking, and construction, open and non-discriminatory access to trade in services. Increased access will help UAE service sector businesses aiming to grow to India and sell services abroad, in addition to improving access for Indians to 111 sub sectors of business and professional services.
India and the UAE want to improve their partnership in digital trade, including paperless transactions, electronic payments, online consumer protection, and the protection of personal data, through the CEPA. Both nations will make an effort to enact or uphold a legislative framework for the protection of users' personal data in digital trade.

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