INSUBCONTINENT EXCLUSIVE:
India-UAE trade pact will benefit both sides by enhancing market accessNew Delhi: 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
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.In
generate 10 lakh jobs in labour-oriented sectors like textiles, handloom, gems and jewellery, leather and footwear and will give a huge
boost to exports to the UAE market.In the pharma sector, Mr Goyal said that UAE has agreed that Indian made medical products, approved by
the EU, the UK, Canada or Australia, will get market access and regulatory approval within 90 days of submission of applications.While the
UAE has agreed to eliminate duties on Indian jewellery, India would give duty concessions on gold imports up to 200 tonnes.
