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India-UAE trade agreement will create 10 lakh jobs: Goyal

India UAE free trade is a win-win: Piyush Goyal

After India and UAE signed the much-awaited Comprehensive Economic Partnership Agreement, Union Commerce and Industry Minister Piyush Goyal said that the trade pact will create a minimum of 10 lakh jobs for Indian citizens.

Addressing a press conference in Mumbai, he said the labour intensive industries such as textiles, gems and jewellery, leather goods and footwear and food processing industry would be among those to benefit the most.

Also read: India and UAE become special friends – sign Comprehensive Economic Partnership Agreement after PM Modi and Abu Dhabi Crown Prince speak

“It will create jobs for our youth, open new markets for our startups, make our businesses more competitive & boost our economy” he said, adding that this is win-win situation.

Goyal added that the CEPA which was finalized and singed in a record time of just 88 days, would come into force in less than 90 days– by early May. Once implanted, around 90 per cent of products exported from India to UAE will attract zero duty with implementation of the agreement.

Goyal also said that the government is now looking forward to conclude a similar economic partnership agreement with the Gulf Cooperation Council countries during this year itself. 

The GCC, which includes Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain, has already expressed its desire to fast track the negotiations, he said. "We are also confident in our negotiating ability, we have conducted negotiations in a rapid manner with UAE, and we believe that a similar agreement on trade would be concluded with the GCC in this year itself," he said.