CURRENT AFFAIRS

Detailed explanation-1: -India and Australia have signed an MoU to promote tourism. The Union Minister of Commerce and Industry Piyush Goyal and Australian Minister of Trade, Tourism, and Investment, Dan Tehan signed the Memorandum of Understanding (MoU) on 11 Feb 2022.

Detailed explanation-2: -UAE’s exports to India stood at US$ 43.04 billion while India’s exports to UAE stood at US$ 25.4 billion. In 2022 India & UAE signed a Comprehensive Economic Partnership Agreement (CEPA) with an aim of taking bilateral trade to US$ 100 billion within 5 years.

Detailed explanation-3: -For UAE, India is the third largest trading partner for the year 2020 with an amount of around US $ 27.93 billion (non-oil trade). The UAE’s investment in India is estimated to be around US $ 17-18 billion of which US 11.67 billion is in the form of FDI while the remaining is portfolio investment.