Indian Economy News

'India-UAE trade pact to create job opportunities, boost economy': Goyal

According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal, the comprehensive trade deal between India and the UAE will assist create massive job opportunities and enhance domestic economic growth. Within five years, the bilateral accord, officially known as the Comprehensive Economic Partnership Agreement (CEPA), is expected to expand bilateral commerce in goods to more than US$ 100 billion and trade in services to more than US$ 15 billion.

He further said that the agreement would not only open doors for Indian firms to the UAE, but also to other nations, since the UAE is a transit hub for most of Africa, the Commonwealth of Independent States, and the Gulf region. Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, and Tajikistan are all CIS countries. According to the minister, the framework is expected to create a million jobs in India, give chances for the country's startup ecosystem, and has enormous potential for participation in skill development and education. He also said that the bilateral trade between the two countries is expected to be at US$ 250 billion. The UAE has committed investments worth over US$ 100 billion in industrial, infrastructure and service investments in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.