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India UAE trade agreement kicks off from this month

India-UAE trade pact comes into effect

As the recently inked Comprehensive Economic Partnership Agreement (CEPA) between India and UAE kicked off from May 1, New Delhi is looking to significantly expand its exports horizon in the region amid rising global uncertainties. The pact was signed in February. India and UAE concluded negotiations in a record 88-day period. Ninety per cent of the products exported from India to UAE now attract zero duty.

Union Commerce and Industry Minister Piyush Goyal earlier said that the trade pact will also create a minimum of 10 lakh jobs for Indian citizens.

India after pulling out of the Regional Comprehensive Economic Partnership (RCEP), is now aggressively looking for going ahead with free trade agreements with several partners— bilateral as well as regional. India’s exports in the previous fiscal year touched $418 billion. Export order for food including processed food, pharma, medical and diagnostic products, technical textiles, chemical, plastics, electronics and networking products has shown a marked improvement.

According to the Federation of Indian Export Organisation (FIEO), an 8 per cent growth in exports is critical to achieve the milestone $ 5 trillion economy.

Also read: India and UAE embark on a brighter future together with Comprehensive Economic Partnership Agreement