India-UAE Pact To Boost Trade To $100 Billion In 5 Years: Commerce Minister
NDTV
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs
Commerce minister Piyush Goyal has said that the comprehensive free trade agreement signed between India and the UAE would help two-way commerce reach the $100 billion mark in the next five years, and will also facilitate millions of jobs in both the countries.
The agreement, called the Comprehensive Economic Partnership Agreement (CEPA) is likely to come into force in May and will open doors to about 90 per cent of products of interest to India for export to the UAE right from the first day, the minister told reporters after the signing of the pact on Friday.
Mr Goyal and the UAE minister of economy Abdulla bin Touq Al-Marri signed the pact during a virtual summit held by Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan. The two countries also unveiled a roadmap for the expansion of overall ties.
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to increase in bilateral trade from the current $60 billion to $100 billion in the next five years.
