UAE Minister of Economy Abdulla bin Touq Al Marri will likely be main a high-level enterprise delegation to India this week to debate methods to additional promote commerce and investments between the 2 international locations, an official stated. The go to, from May 11-15, assumes significance as each the international locations have applied the Comprehensive Economic Partnership Agreement (CEPA) on May 1.
UAE’s minister for small and medium enterprises can be a part of the delegation. “It will be an important visit as we have implemented the free trade pact,” the official stated.The CEPA is predicted to spice up bilateral commerce to USD 100 billion within the subsequent 5 years from USD 60 billion at current. Under the commerce settlement, home exporters in numerous sectors like textiles, agriculture, dry fruits, gems and jewelry are availing duty-free entry to the UAE market.
The UAE is among the largest buying and selling companions of India and that nation is a gateway to the Middle East, North Africa, Central Asia and sub-Saharan Africa. Overall, India will profit from preferential market entry supplied by the UAE on over 97 per cent of its tariff strains (or items), which account for 99 per cent of Indian exports to the UAE in worth phrases — significantly from labour-intensive sectors reminiscent of textiles, leather-based, footwear, sports activities items, plastics, furnishings, and engineering merchandise.
Source: www.financialexpress.com”