Friday, October 29, 2021

India, UAE to hold first round of negotiations for CEPA today

The first round of Comprehensive Economic Partnership Agreement (CEPA) negotiations between India and UAE will be held today. A new strategic economic agreement is expected to increase bilateral trade in goods to 100 billion dollar within five years. Commerce and Industry Minister Piyush Goyal and Minister of State for Foreign Trade of United Arab Emirates Dr Thani bin Ahmed Al Zeyoudi, yesterday formally launched India-UAE CEPA negotiations.

Both Ministers emphasized that CEPA will create new jobs, raise living standards, and provide wider social and economic opportunities in both nations. Dr. Thani bin Ahmed Al Zeyoudi and a high-level UAE delegation is in New Delhi to hold talks aimed at improving bilateral economic relations, including expanding the existing trade and investment relationship. Both sides will aim to conclude negotiations by December this year and sign a formal agreement in March 2022 after the completion of internal legal procedures and ratification. India and the UAE are among each other’s largest trading partners.

The UAE is currently India’s third-largest trading partner with bilateral trade in 2019 and 2020 valued at 59 billion dollar. The UAE is also India’s second-largest export destination after the US, with exports valued at approximately 29 billion dollars in 2019-2020. The UAE is also the eighth-largest investor in India. India’s major exports to the UAE include petroleum products, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, textiles and chemicals. India’s top imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals and wood and wood products.

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