"We should keep on going along the path of globalization. Globalization is good... when trade stops, war comes": India-UAE to carry out bilateral trade in their national currencies, will help two-way trade reach $100 billion mark in more than five years
Trade, Industry, and Economy Abdullah bin Touk Al-Mali signs deal at a virtual summit hosted by Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan signed.
|
The two countries also presented a roadmap for strengthening their overall relationship. The agreement will bring significant benefits to Indian and UAE companies, including improved market access and reduced tariffs.
CEPA is expected to expand bilateral trade from the current $60 billion to $100 billion over the next five years. Last September, India and the UAE formally began negotiating a trade agreement.
A comprehensive free trade agreement signed between India and the UAE will help two-way trade reach the $100 billion mark in more than five years, creating countless jobs in both countries, Piyush said. Trade and Industry Minister Goyal said on Friday. The deal dubbed the Comprehensive Economic Partnership Agreement (CEPA), he plans to enter into force in May, with around 90% of the covered products open to India and exported to the UAE “from day one.” The minister told reporters after signing the agreement. United Arab Emirates Minister.
|
Negotiations for the 881-page agreement were completed in a record 88 days in December. Goyal said it was a comprehensive and “balanced” trade deal. “This is a groundbreaking new contract for the first time ever signed by the pharmaceutical industry and opens the door for our products in the UAE as you know the UAE opens the door to many other countries in the Middle East and as a whole. , the African continent is a center of trade,” said Goyal.
The United Arab Emirates has agreed to eliminate tariffs on Indian jewelry, but India will grant tariff concessions on gold imports of up to 200 tonnes.
Talking about the benefits for India’s services sector, he said the deal will bring greater access to the services side in various sectors. “This is the first of many agreements in terms of speed of completion, the scope of goods and services covered and opportunities offered,” he added.
“The agreement is estimated to double bilateral trade in goods and expand trade in services. Please provide more than a million job opportunities for our boys and girls here, too,” the minister said.
CEPA will create jobs for him in labor-oriented sectors such as textiles, handwoven, gems, jewelry, leather, and footwear and will boost exports to the UAE market significantly.
On the pharmaceutical sector, Goyal said the United Arab Emirates is committed to ensuring that medicines manufactured in India and approved by the EU, UK, Canada or Australia receive market access and regulatory approval within 90 days of filing.
References:
Support Us
Satyagraha was born from the heart of our land, with an undying aim to unveil the true essence of Bharat. It seeks to illuminate the hidden tales of our valiant freedom fighters and the rich chronicles that haven't yet sung their complete melody in the mainstream.
While platforms like NDTV and 'The Wire' effortlessly garner funds under the banner of safeguarding democracy, we at Satyagraha walk a different path. Our strength and resonance come from you. In this journey to weave a stronger Bharat, every little contribution amplifies our voice. Let's come together, contribute as you can, and champion the true spirit of our nation.
ICICI Bank of Satyaagrah | Razorpay Bank of Satyaagrah | PayPal Bank of Satyaagrah - For International Payments |
If all above doesn't work, then try the LINK below:
Please share the article on other platforms
DISCLAIMER: The author is solely responsible for the views expressed in this article. The author carries the responsibility for citing and/or licensing of images utilized within the text. The website also frequently uses non-commercial images for representational purposes only in line with the article. We are not responsible for the authenticity of such images. If some images have a copyright issue, we request the person/entity to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. and we will take the necessary actions to resolve the issue.
Related Articles
- A fascinating legend of the ethereal Indian cotton which led to Rome losing a significant quantity of its wealth to India
- In a bold stride towards unprecedented growth, India and Saudi Arabia set sights on a staggering $200 billion trade target, heralding a new age of economic partnership and space collaboration, cementing bonds and fostering mutual prosperity
- We also have views on other people's human rights, particularly when it pertains to our community," Jaishankar retorted in one of the strongest repudiation of the constant American lectures on human rights
- "Toys: Childhood's magic": In a spirited resurgence, the Central Government champions the 400-year-old legacy of Kondapalli toys, fostering a golden era where Aryakhastriyas artisans breathe life into vibrant, ethereal art with rejuvenated zest and unity
- "Every toolkit has a purpose; know its script": Again, #OnionToolkit meets its match in the ever-watchful eye of the govt, while some plotted a 'Tomato Disruption', the Centre cooked up a masterstroke, ensuring our curries remain flavorful & wallets, full
- "In unity there is strength; in partnership, there's power": India-UAE economic alliance marks turning point in their shared history, CEPA to boost trade, stimulate investments & fortify economies, advancing both nations towards mutual growth & prosperity
- Tata Group's groundbreaking move to recruit 4,000 women for iPhone production in Karnataka and Tamil Nadu marks a seismic shift in Apple's strategy, aiming to make over 50 million iPhones annually in India, solidifying the nation's role in global tech
- "Did you know you can't steer a boat that isn't moving? Just like a life": India's first water metro system began operations in Kochi, an innovative project that is set to transform the transport system offering a faster and more convenient way to travel
- Exports of agricultural products including marine and plantation products from India for the year 2021-22 have crossed $50 billion, the highest level ever achieved for agriculture exports: Govt
- “Only those who risk going too far can possibly find out how far one can go”: 7 Adani airports saw an increase of 92% in domestic, 133% in international travelers, handled record 14.25 million passengers last year & stocks gained ₹2.2 lakh crore in 6 days