India-UAE MSMEs To Be Big Beneficiaries Of CEPA: Piyush Goyal

Indian Union Commerce Minister Piyush Goyal has said, “India is in dialogue with some of the larger companies of UAE to leverage the best out of CEPA.”

According to Union Commerce Minister Piyush Goyal on Monday, the enhanced economic partnership agreement (EEPA) will primarily benefit micro, small, and medium-sized businesses (MSMEs) in India and the United Arab Emirates.

Strong Strategic Partnership Between India & UAE

India and the UAE want to build stronger bilateral ties and a solid strategic alliance. Goyal asked industry to acknowledge efforts being made throughout the world to combat climate change and accept the duty of adopting conscientious and sustainable business practices.

Goyal continued, “It would be difficult for multinational corporations to integrate India into its value chain if we do not harmonize our value chains with the rest of the globe, or if we do not build logistics which are easier and faster.”

According to the minister, the government is concentrating on developing an enabling ecosystem that is easier to use, quicker, and encourages ease of doing business in order to become a trustworthy and stable partner in global value chains.

He claimed that the government’s main goal is to persuade our nation that quality is what has contributed most to India’s prosperity.

CEPA To Bolster Trade Relations

Both countries signed the CEPA in order to improve their trade relations.

The Union Minister stated that both nations are interacting with one another and looking at chances to meet each other’s demands while addressing at the 4th plenary session of the B20 India inaugural meeting.

He declared, “India is in talks with some of the bigger UAE corporations to make the most of CEPA.”

Statement By Indian Union Commerce Minister

As per Union Commerce Minister Piyush Goyal on Monday, the comprehensive economic partnership agreement (EEPA) will primarily benefit micro, small, and medium-sized businesses (MSMEs) in India and the United Arab Emirates.

The minister highlighted that for India to become a major player on the world stage, it is crucial to establish international standards, harmonize Indian norms with those of other countries, and raise consumer expectations for quality.

Goyal claimed that India handled the COVID-19 situation with exceptional fortitude that was praised all around the world.

He identified India as one of those nations that kept every commercial agreement made throughout the entire period of the covid epidemic.

Bilateral Relations Between India & UAE

The close ties that have existed between India and the UAE for many years. Both nations want to seize the opportunities for peaceful coexistence, global security, and religious harmony.

Under the direction of the current presidents of both nations, the friendship has become stronger.

Goyal cited the Prime Minister’s desire to recognise each district for its distinctive products and recognise the specialties of districts by recognising which district exports which items as the inspiration for the government’s attempt to establish each district as an export hub.

He stated: “As of right now, the project maps out the country’s exports by district and provides data on those exports. 

These products are currently being promoted all around the world using the database of each district.”

Goyal used Tripura’s pineapple exports, Bihar’s litchi exports, and Morbi’s ceramic exports as examples.

He claimed that the administration is considering each district’s potential to become a hub for exports. 

In order to make each district aware of its place in value chains, coordination is taking place at the state and district levels to examine how firms may link with global markets.