Why in news?

The Union Cabinet signed a MoU between India and the United Arab Emirates (UAE) on cooperation in the field of industries and advanced technologies

Highlights:

• The MoU envisages cooperation on a mutually beneficial basis in areas including strengthening the supply chain resilience of industries, renewable and energy efficiency, health and life sciences, space systems, artificial intelligence, standardisation, metrology, conformity assessment, accreditation, and halal certification.
• The MoU aims at strengthening and developing industries in both nations through investments, technology transfer and the deployment of key technologies in industries.
• The implementation of the MoU, may lead to increase in research and innovation in all areas of mutual cooperation.

India and UAE

• India-UAE bilateral trade, valued at $180 million per annum in the 1970s, has increased to $60 billion at present, making the UAE India’s third-largest trading partner after China and the U.S.
• The UAE is the eighth largest investor in India with an estimated investment of $18 billion.
• Indian investments in the UAE are estimated at around $85 billion (₹6.48 lakh crore).

• Both the countries have implemented a comprehensive trade agreement with an aim to increase bilateral trade from $60 billion to $100 billion in the next five years.