India-UAE trade pact: Bilateral trade projected to touch $100 bn in 5 years
- IBEF
- March 17, 2022
India and the United Arab Emirates (UAE) inked the Comprehensive Economic Partnership Agreement (CEPA). Due to this agreement, bilateral goods trade is expected to expand from US$ 60 billion to US$ 100 billion yearly within the next five years.
In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Ms Anupriya Patel stated that the India-UAE CEPA is a comprehensive and balanced partnership agreement that will provide India with expanded market access in both commodities and services. She stated that the UAE has provided immediate market access at zero duty to products that represent for almost 90% of India's exports to the UAE in value terms, beginning on the first day of the agreement's entry into force. In terms of services trade, the UAE has granted India market access in around 111 sub-sectors over 11 broad service sectors.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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