The bilateral trade of goods between India and the UAE is projected to increase from USD 60 billion currently to USD 100 billion annually in five years following the implementation of the free trade agreement, parliament was informed on Wednesday. The India-UAE Virtual Summit took place on February 18 and ended with the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Anupriya Patel said the India-UAE CEPA is a comprehensive and balanced partnership agreement that will give India enhanced market access for both goods and services.
Approximately 90 percent of India’s exports to the UAE are valued at around $5 billion, and the UAE has offered immediate market access at zero duty from the first day the agreement comes into force. As for services, the UAE provides market access to India in around 111 subsectors from 11 broad service sectors.
In five years after the implementation of the India-UAE CEPA, bilateral trade in goods is projected to increase from the current USD 60 billion to USD 100 billion annually. Tea gardens in the northeastern region are supplied with coal from sources owned by Coal India Limited (CIL).
Post Your Comments