CURRENT AFFAIRS

Detailed explanation-1: -UAE and India launch the UAE Chapter of the Business Council to Boost Bilateral Trade & Investment. The UAE and India have launched the UAE India Business Council-UAE Chapter (UIBCUC) to strengthen economic ties and support their joint mission to increase bilateral trade and investment.

Detailed explanation-2: -CEPA is a full and deep Agreement signed on 18 February 2022, during a virtual summit between the Prime Minister of India, Shri Narendra Modi and His Excellency the President of the UAE and Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan. CEPA entered into force from 01 May 2022.

Detailed explanation-3: -UAE-India bilateral trade relations: Notable investments These include high profile investments in Reliance Jio and Reliance Retail (June 2020) worth USD 2 billion, another USD 2 billion investment in renewable energy in Adani (April 2022), and USD 1 billion in TATA motors in electric vehicles (October 2021).

Detailed explanation-4: -The local business chamber reports that some 11, 000 Indian-owned companies were added to its records in 2022, bringing the total number to 83, 000.