India and the UAE are planning to achieve a Comprehensive Economic Partnership Agreement (CEPA) by the end of 2021 to lift trade between the two countries by 70 per cent in five years, trade ministers of both countries said. India’s Trade Minister Piyush Goyal said that both countries aim to sign an early harvest trade deal. “A new strategic economic contract will raise the bilateral trade in goods to $100 billion in 5 years,” the ministers said in a joint statement.

India is trying to increase exports through trade relationships and new pacts with some countries to recover its economy. With almost $60 billion of bilateral trade, UAE is already India’s third-biggest trading partner. UAE is also India’s second-largest export stop after the United States, with exports estimated at $30 billion.

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The pact will boost jobs and investments in both countries, the UAE’s Minister of State for Foreign Trade Thani Al Zeyoudi said in New Delhi. He also said the UAE would follow a timetable to negotiate economic agreements with eight countries, which it wants to strengthen trade ties.