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India, UAE Sign Deal to Boost Trade to $100Bln by 2027

The UAE is India's third-largest export destination after the United States and China. (Getty Images file phto)
The UAE is India's third-largest export destination after the United States and China. (Getty Images file phto)
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India, UAE Sign Deal to Boost Trade to $100Bln by 2027

The UAE is India's third-largest export destination after the United States and China. (Getty Images file phto)
The UAE is India's third-largest export destination after the United States and China. (Getty Images file phto)

India and the United Arab Emirates on Friday signed an agreement aimed at boosting bilateral trade to $100 billion from the current $60 billion over the next five years, an Indian foreign ministry statement said.

The accord signed by India’s Commerce and Industry Minister Piyush Goyal and UAE Economy Minister Abdulla bin Touq Al Marri is intended at benefiting business through enhanced market access and reduced tariffs. Details were not immediately available.

The two sides set out a roadmap for cooperation in sectors including energy, trade, climate action, emerging technologies, skills and education, food security, healthcare, defense and security.

The UAE is India's third-largest export destination after the United States and China with exports reaching nearly $16 billion for 2020-21. More than 3 million Indians employed in the Gulf state send home billions of dollars in remittances every year.

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 by the two ministers in New Delhi.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.