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  • DAILY CURRENT AFFAIRS:Commerce Minister Piyush Goyal inaugurates India-UAE Economic Partnership Summit

Commerce Minister Piyush Goyal inaugurates India-UAE Economic Partnership Summit

Tags: Latest Summits

Union Commerce Minister Piyush Goyal and UAE Economy Minister Abdullah bin Touq Al Marie inaugurated the India-UAE Economic Partnership Summit in Mumbai on 13 May.

  • The two leaders also launched the India-UAE Start-up Bridge to boost the economy.

  • The summit was organised by Confederation of Indian Industry.

  • India and UAE have immense potential to work together and the Comprehensive Economic Partnership Agreement (CEPA) will open a lot of doors to markets across the world.

  • Comprehensive Economic Partnership Agreement (CEPA)

  • The Comprehensive Trade Agreement between India and the United Arab Emirates will help generate employment opportunities and boost the growth of the domestic economy.

  • The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase bilateral trade in goods to over US$100 billion and trade in services to over US$15 billion within five years.

  • The agreement paves the way for several sectors, especially labour intensive sectors such as textiles, gems and jewellery, pharmaceuticals and agriculture.

  • The agreement will open doors not only for Indian and UAE businesses but also for other countries as the UAE is a transit point for large parts of Africa, CIS (Commonwealth of Independent States) countries and the Gulf region.

  • CIS countries include Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, and Tajikistan.

  • Indian pharma products will get immediate access to the UAE market.

  • Bilateral trade will reach at least US$ 100 billion in the near future.

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