New Delhi, May 31 (KNN) The United Arab Emirates (UAE) is looking to broaden the scope of its trade agreement with India to further boost bilateral trading volume, according to a senior UAE official.

Feryal Ahmadi, Chief Operating Officer of the Dubai Multi-Commodities Centre (DMCC), stated that the UAE wants to add agri-commodities and critical minerals to the Comprehensive Economic Partnership Agreement (CEPA) with India.

The UAE and India signed the historic CEPA in February 2022 to enhance their economic ties. India is the largest trading partner for the Emirates.

Ahmadi emphasised the growing importance of free trade agreements and trade corridors like the potential India-Middle East-Europe Economic Corridor. She sees more countries pursuing bilateral free trade deals and regional trading blocs.

A DMCC report, "The Future of Trade," highlighted the trade growth expected from the UAE-India CEPA. It noted the benefits of reducing tariffs and trade barriers while increasing inter-regional market access.

The report suggested that strategically located nations like the UAE can serve as key hubs for regional trade and economic integration by fostering partnerships and trade agreements.

(KNN Bureau)