Last updated on March 10th, 2022 at 06:29 am
In February, the two countries signed a landmark Comprehensive Economic Partnership Agreement (CEPA) with the aim of boosting their bilateral Relation and economic partnership. According to industry experts, several sectors in both India and the UAE will benefit from this crucial agreement as it will strengthen exporters and businesses from the two friendly nations.
The CEPA will increase bilateral trade between the UAE and India to $100 billion from the current $60 billion in the next five years. Furthermore, it will also provide necessary employment and investment opportunities to MSMEs (Micro, Small, and Medium Enterprises). The agreement is aimed at increasing jobs to the tune of 1 million unemployed youth.
As per the CEPA, 80 percent of the tariff lines covering nearly 90 percent of India’s export value to the UAE will be removed. After the implementation of the CEPA, tariff-free access will increase to approximately 97 percent over the next few years.
As per reports, India is one of the first nations to sign a bilateral deal with the UAE to expand growth and development in key sectors. This will improve our bilateral relationship between India and UAE. Petroleum products, gems and jewelry, apparel, iron and steel, and telecom equipment comprise two-thirds of India’s exports to the UAE. Evidently, these industries will enjoy significant benefits from the CEPA.
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