India, UAE sign agreement aimed at boosting trade

India and the United Arab Emirates signed an agreement on Friday aimed at boosting bilateral trade over the next five years to $100 billion from the current $60 billion. The accord signed by India's Commerce and Industry Minister and UAE Economy Minister in New Delhi is intended to benefit business through enhanced market access and reduced tariffs. 

The two sides set out a road map for cooperation in sectors including energy, trade, climate action, emerging technologies, skills and education, food security, healthcare, defence and security.   The UAE is India's third-largest export destination after the United States and China. India's Prime Minister Narendra Modi and Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, held a virtual summit and oversaw the signing of the agreement.