2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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USD 100 billion
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USD 120 billion
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USD 80 billion
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USD 150 billion
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Detailed explanation-1: -The relationship between India and UAE has seen transformational changes since 2014. India and UAE have projected to surpass bilateral trade worth USD 88 billion this year. After USA and China, UAE became India’s 3rd largest trading partner.
Detailed explanation-2: -The UAE-India CEPA entered into force on May 1, 2022. As a result of the agreement, businesses can now take advantage of many new benefits, including: Greater access for UAE exports entering the Indian market through the reduction or removal of tariffs on more than 80 per cent of products.
Detailed explanation-3: -The initiative involves 5 members of SAARC (India, Bangladesh Bhutan, Nepal & Sri Lanka) and 2 members of ASEAN (Thailand, Myanmar).
Detailed explanation-4: -CEPA is a free trade agreement between two countries which covers negotiation on the trade in services and investment, and other areas of economic partnership. On February 18, 2022, India and the UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA), which became effective in March 2022.