Business Talks Between India-United Arab Emirates (UAE) Begin
Business talks between India-UAE begin, import-export will have a great start from 2022.
India and the United Arab Emirates (UAE) have formally started talks on a Free Trade Agreement (FTA). The goal is to bring the talks to a conclusion by December.
Commerce and Industry Minister Piyush Goyal said that the objective of this initiative is to increase trade and investment between the two countries.
The two countries are looking at a formal agreement, the Comprehensive Economic Partnership Agreement (CEPA), in March next year after internal legal processes and approvals.
Goyal and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Jeyodi formally launched talks on the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
According to the joint statement, the two ministers expressed their desire for a mutually beneficial economic settlement.
The two sides will move forward with the goal of concluding negotiations by December 2021 and signing a formal agreement in March 2022, following internal legal procedures and approvals.
Al Jeyodi is here with a high-level delegation for talks on improving bilateral economic ties as well as taking forward the existing trade and investment ties.
It is a matter of satisfaction that today we have started talks on a bilaterally beneficial Comprehensive Economic Partnership Agreement.
The first round of talks on CEPA is taking place, Goyal said in a press conference with the UAE minister. Both sides have set ambitious deadlines and aim to conclude the talks by December 2021.
We expect a formal agreement to be signed in early 2022, following internal legal processes and necessary approvals.
Goyal said that CEPA will enhance bilateral trade and investment flows and will help in economic revival and future economic growth post-Covid.
The United Arab Emirates is currently India’s third-largest trading partner. In the financial year 2019-20, there was a trade of $ 59 billion between the two countries.
UAE is the second-largest export destination of India after the US. In the year 2019-20, 29 billion dollars were exported.
