India to kick off trade negotiations with UAE to strengthen bilateral ties.

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admin November 8, 2021
Updated 2021/11/08 at 3:50 PM

The first round of discussions between India and the United Arab Emirates (UAE) will commence on Thursday. The two nations want to wrap up trade negotiations by the end of the year and sign a mutually beneficial Comprehensive Economic Partnership Agreement (CEPA) by March 2022, according to Union Minister of Commerce and Industry Piyush Goyal.

On Wednesday, Union minister Piyush Goyal met with the UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi to discuss strengthening bilateral economic ties, particularly extending current trade and investment partnerships. Both ministers indicated a willingness to achieve a mutually advantageous commercial agreement, according to an official statement, building on the progress made by both India and the UAE under the Comprehensive Strategic Partnership, which was inked in 2017.

In both countries, the CEPA agreement is anticipated to generate new employment, improve living standards, and expand social and economic possibilities. Within five years following the signing of a new strategic economic agreement, bilateral goods trade is projected to reach $100 billion, and bilateral services trade would reach $15 billion.

Goyal and bin Ahmed Al Zeyoudi both promised to improve the World Trade Organisation’s “rules-based, transparent, non-discriminatory, open, and inclusive multilateral trade system.” They also stressed the need of coordinating and promoting cooperation under the memorandum of understanding on trade remedial measures inked by India and the UAE in January 2017. Both nations will identify specific areas of emphasis and methods of cooperating to settle trade remedy cases, as stipulated in that agreement.

The UAE is India’s third-largest trade partner and second-largest export destination after the United States, with shipments worth $29 billion in the 2019-2020 fiscal year. Petroleum, precious metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat, seafood, textiles, engineering, mechanical goods, and chemicals are among India’s main exports to the UAE.

The UAE is also India’s eighth-largest investor, with $11 billion spent between April 2000 and March 2021, while Indian businesses have invested over $85 billion in the UAE. In view of these connections, both India and the UAE have said that completing the CEPA talks “quickly and constructively” would enhance the two nations’ strong trade and economic ties.

 

Source: Hindustan Times

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