New deal
A new Indian Institute of Technology (IIT) will be set up in UAE under the India-UAE trade deal. The deal was signed on February 18. This will be the first time an IIT will be established outside India. Presently, there are 23 IITs in India which are all located within the Indian territory. A Comprehensive Economic Partnership Agreement (CEPA) was signed by India and UAE.
The objective is to increase trade between both countries to 100 billion dollars over five years. The IITs are governed by the Institutes of Technology Act, 1961.
