Business Desk, AnyTV, New Delhi
Published by: Gaurav Pandey
Updated Fri, 18 Feb 2022 10:41 PM IST
Summary
UAE is India’s third largest trading partner after the US and China. About 3.5 million people of Indian origin also reside in the UAE.
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Expansion
The agreement was signed after a digital meeting between Prime Minister Narendra Modi and the Prince of Abu Dhabi and Sheikh Mohamed bin Zayed Al Nahyan, Deputy Supreme Commander of the UAE Armed Forces. The agreement was signed by Piyush Goyev, Minister of Commerce of India and Abdullah bin Touq Al Mari, Minister of Economic Affairs of the UAE. Modi and Sheikh Mohamed released a joint vision paper titled ‘Progress in the India-UAE Composite Strategic Alliance: New Frontiers, New Milestones’.
Piyush Goyal said that for the first time the UAE has accepted our request that once an Indian medical product is accepted by the United Kingdom (UK), USA, EU, Canada and Australia, and If these countries go through the stringent regulatory process, such products will get regulatory approval for access to the UAE market and marketing in a time bound manner of 90 days.
An official statement issued in this regard said that the CEPA will be of great benefit to the bilateral trade between the two countries including expanded market multiplicity and reduced tariffs. The CEPA is expected to increase bilateral trade to $100 billion in the next five years from $60 billion at present. PM Modi said that this agreement reflects the friendship, shared vision and trust of both the countries. This will usher in a new era in our economic relations.
Goyal said the deal would be beneficial for India in exports of gems and jewellery, textiles, leather, footwear, sporting goods, plastics, furniture, agricultural products, pharma and medical equipment, automobiles and engineering products. This opens up vast business opportunities for both the parties. The agreement will help in doubling our bilateral trade. India has reduced duty on gold exports to UAE and UAE has reduced duty on jewellery.