India's government ratifies UAE investment deal as trade booms

The Indian government signed off on an investment treaty with the United Arab Emirates on Thursday, part of efforts to boost the already strong India-UAE relationship.

With bilateral trade already surpassing $84 billion in 2023, the treaty aims to make investment between the UAE and India more appealing to businesspeople in both countries.

The Narendra Modi cabinet gave its approval for the signing and ratification of the Bilateral Investment Treaty with the UAE. The treaty is “expected to improve the confidence of the investors, especially large investors” and increase direct investment in India, according to a release from Modi’s office.

The UAE government did not immediately comment.