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The UAE is also India’s second largest export destination after the United States, with an export value of approximately US$29 billion in 2019-20.
India and the UAE have officially launched negotiations on a free trade agreement. The first round of negotiations will begin on Thursday and the goal is to end before the end of December. The move is aimed at promoting trade and investment between the two countries, Minister of Industry and Commerce Piyush Goyal said on Wednesday.
The two countries also hope to sign a formal agreement in March 2022 after completing internal legal procedures and approvals, officially called the Comprehensive Economic Partnership Agreement (CEPA).
India’s Minister of Industry and Commerce Pius Goyal and UAE Minister of State for Foreign Trade Sani bin Ahmed Zeyudi formally launched negotiations on the India-US Comprehensive Economic Partnership Agreement (CEPA).
“I hope to build on the progress made by the two countries under the comprehensive strategic partnership signed in 2017; the ministers of both sides expressed their hope to reach a mutually beneficial economic agreement. The goal of both parties is to complete the negotiations by December 2021, and A formal agreement was signed in March after the completion of internal legal procedures and approval in 2022,” a joint statement said.
Arzeiudi was visiting with a high-level delegation to talk about improving bilateral economic relations, including expanding existing trade and investment relations.
“The UAE is rapidly formulating new strategic agreements to expand our market access and make trade a key pillar of the new era of economic cooperation,” said Dr. Al Zeyoudi.
“For centuries, trade routes between India and our region have existed. CEPA builds on these historical connections, and by laying the foundation for mutually beneficial partnerships, it creates new jobs, promotes foreign direct investment, and empowers businesses. Home, attract talent and accelerate our knowledge-driven economy. This will strengthen our position as a global gateway to Africa, Asia and Europe, and promote economic growth and prosperity throughout the region,” he added.
Dr. Ahmed Albanna, UAE’s Ambassador to India, added: “The Comprehensive Economic Partnership Agreement between our two countries has come at a very critical moment because we cheer up and set the stage for the post-pandemic era. Economic priorities. Now is the time for the UAE “to work together and take coordinated action with India to achieve our ambitious $100 billion bilateral trade goal. In addition to trade, we are also keen to increase investment flows, lead by example, and lead the world. “
“It is very satisfying that today we launched the mutually beneficial comprehensive economic partnership agreement negotiations… The first round of CEPA negotiations will be held in Delhi tomorrow and the day after. The two sides have formulated a very positive and ambitious The goal is to complete the negotiations by December 2021. We hope to sign a formal agreement in early 2022 after completing the internal legal procedures and the necessary approval procedures,” Goyal said at a media briefing.
He said that CEPA will promote bilateral trade and investment flows, and will help our economic recovery and future economic growth after the epidemic.
The joint statement stated that both ministers emphasized that CEPA will create new employment opportunities for both countries, improve living standards, and provide broader social and economic opportunities.
“A new strategic economic agreement is expected to increase bilateral trade in goods to US$100 billion and increase trade in services to US$15 billion within five years of signing the agreement,” it said.
The UAE is currently India’s third largest trading partner, with a bilateral trade volume of US$59 billion in 2019-20. The UAE is also India’s second largest export destination after the United States, with an export value of approximately US$29 billion in 2019-20.
India is the UAE’s second largest trading partner in 2019, with a bilateral non-oil trade volume of 41 billion U.S. dollars. The UAE is India’s eighth largest investor, with US$11 billion invested between April 2000 and March 2021, while Indian companies’ investment in the UAE is estimated to exceed US$85 billion.
India’s main exports to the UAE include petroleum products, precious metals, gems, gems and jewellery, minerals, grains, sugar, foods such as fruits and vegetables, tea, meat and seafood, textiles, engineering and machinery products, and chemicals.
Products imported from the UAE include petroleum and petroleum products, precious metals, gems, gems and jewellery, minerals, chemicals, and wood and wood products.
India imported 10.9 billion U.S. dollars of crude oil from the UAE in 2019-2020.
According to the free trade agreement, two trading partners reduce or cancel tariffs on the largest number of goods traded between them. In addition, they relax regulations to strengthen trade in services and promote investment.
business@khaleejtimes.com
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