DUBAI: The UAE and India are to develop action plans by June in a bid to increase bilateral trade by 60 percent over the next five years. Indian Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, agreed that the UAE and India must continue to cooperate closely in order to expand mutual trade and economic opportunities. In a statement, they said that in order to develop a medium and long term strategy for increasing bilateral trade by 60 percent over the next five years, the two sides will conduct studies to come up with action plans by the middle of 2017.
These will focus on identification of potential sectors and the impeding tariff and non-tariff barriers, exploring opportunities in services sector and formulating a sector-specific strategy to boost two way trade and investments, the statement carried by state news agency WAM said. The two leaders lauded the work of the UAE-India High Level Task Force on Investments, and reiterated the important role it plays in promoting economic and investments cooperation between the two countries.
