Union Commerce and Industry Minister Piyush Goyal said on Monday that the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE) will come into force from May 1. The agreement was signed last month.
Addressing the Business to Business (B2B) meet on India-UAE CEPA in Dubai, Goyal said that in this agreement the UAE will be given access to Africa, other GCC and Middle East countries, CIS countries and some European countries. seen as a gateway.
The doors of the world’s big markets will open
He said, “This mainly opens doors for us to the major markets of the world. So, when we are going to connect with each other, we are not just connecting with the UAE’s population of 10 million. We both have our own vision. Both the countries are going to get business from CEPA.
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The Foreign Trade Minister of UAE Thani Al Zeyoudi also participated in this B2B meet.
Indian population present in UAE has been taken care of
Goyal said that many works have been done for the first time in India-UAE CEPA covering merchandise trade and services. This trade pact was completed in a span of just 88 days.
The Union Minister said, “This agreement is not only for trade, nor for trade in goods and services. I think it has a lot of meaning including geopolitical, economic. It also takes into account the large Indian population present in the UAE.
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Goyal termed the India-UAE partnership as “the defining strategic partnership of the 21st century”. He said, this agreement gives a new direction to these relations, a massive change.
Exporters will benefit
Goyal said the agreement will provide duty-free access to the UAE market to domestic exporters of 6,090 goods from sectors such as textiles, agriculture, dry fruits, gems and jewellery.
Indian Ambassador to UAE Sanjay Sudhir said that UAE and India are each other’s top 3 trade partner countries and our bilateral trade is also around 60 billion dollars. We estimate that in the next 5 years we will take it to $100 billion.
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