New Delhi, May 1 (IANS). Union Commerce and Industry Minister Piyush Goyal on Friday said the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is rapidly expanding trade and opening new opportunities for Indian businesses.
Four years after the implementation of this agreement, economic relations between India and the UAE have strengthened significantly in many areas.
In a post on social media platform X, Goyal said the agreement has created transformative opportunities for Indian farmers, MSMEs and other businesses.
“When India-UAE CEPA came into force four years ago, it created new and huge opportunities for farmers, MSMEs and businesses,” he said.
The Union Minister said that the goods trade between the two countries has crossed 100 billion dollars, which shows a rapid increase after this agreement. At the same time, services trade is also continuously increasing, due to which Indian companies are getting new markets and increasing their earning opportunities.
“Bilateral merchandise trade has grown strongly and has crossed the $100 billion mark, while trade in services has also been growing steadily, opening up new markets and greater benefits,” Goyal said.
He said that sectors like gems and jewellery, engineering goods, electronics and agriculture are expanding rapidly. Also, foreign investment (FDI) from UAE to India and foreign investment from India are also increasing, which shows the strengthening economic relations between the two countries.
The Minister further said that exporters and businessmen are directly benefiting from the progress made in these areas, thereby strengthening India’s position in global trade.
Goyal also said that the increasing investment from UAE to India and the increasing investment of Indian companies abroad shows the deepening economic relations between the two countries.
Meanwhile, he said that today he held a virtual meeting with UK Trade Minister Peter Kyle, in which increasing trade and investment was discussed.
The two leaders also discussed ways to take full advantage of the India-UK Comprehensive Economic and Trade Agreement (CETA), the minister said on social media.
–IANS
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