India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) on the sidelines of the India-UAE virtual summit held on February 18.

Bilateral trade in goods is expected to increase from the current $60 billion to $100 billion a year within five years of the implementation of the India-UAE free trade agreement, parliament was informed on Wednesday. India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) on the sidelines of the India-UAE virtual summit held on February 18.

The CEPA between India and the UAE is a comprehensive and balanced cooperation agreement that will give India better market access for both goods and services, Trade and Industry Minister Anupriya Patel said in a written reply to the Lok Sabha.

She said that from day 1 of the agreement’s entry into force, the UAE has offered immediate, zero-duty market access to products representing about 90 percent by value of India’s exports to the UAE. In terms of trade in services, the UAE has provided India with market access in about 111 subsectors of the 11 broad service sectors.

“Bilateral trade in goods is expected to increase from its current $60 billion to $100 billion per year within five years of the implementation of the CEPA between India and the UAE,” she said.

In another reply, she said there is no shortage of coal supplies from Coal India Limited (CIL) wells to tea gardens in the northeastern region.

“CIL delivered 618.70 million tons (MT) of coal during the current fiscal year (until March 9, 2022) compared to 531.4 MT delivered in the same period last year, representing a growth of approximately 16.4 million tons. percent was achieved,” she added


This post India-UAE trade pact: bilateral trade expected to reach $100 billion within 5 years was original published at “https://www.financialexpress.com/economy/india-uae-trade-pact-bilateral-trade-projected-to-touch-usd-100-bn-in-5-years/2463010/”

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