To enhance trade relations, India and the United Arab Emirates on Friday entered into a Comprehensive Economic Partnership Agreement (CEPA).
The agreement to boost bilateral trade is expected to be implemented within 60-days.
The agreement entails enhanced market access and reduced tariffs.It is expected that the CEPA will lead to an increase in bilateral trade from the current $60 billion to $100 billion in the next 5 years.
At a press briefing post signing the deal, Commerce and Industry Minister Piyush Goyal said that India-UAE CEPA was negotiated in one of the quickest time frame of 88 days.
Also Read | NSE ex-chief Ramakrishna under CBI scanner after damning SEBI report
He said that the UAE will gain benefits in sectors such as gems and jewellery, textiles, leather, footwear, sports goods, furniture, agricultural products, pharmaceuticals, medical devices, automobile products, among others, whereas, India would get benefits in metals, minerals, petrochemicals and petroleum sectors.
The agreement is expected to come into effect in the next 60 days, while the bilateral goods and merchandise trade is expected to increase to $100 billion in the next five years, Goyal said.
