Explanation:

The United Arab Emirates (UAE) is India’s 3rd largest trading partner in terms of value in 2019 and 2020 and the trade value is presently valued close to USD 59 billion. It is also India’s 2nd largest export destination after the USA.
Recently, India and UAE have formally launched negotiation on a Comprehensive Economic Partnership Agreement (CEPA), which is expected to increase the bilateral trade between the two countries to USD 100 billion in 5 years.