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.