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ANI |
Updated: Feb 18, 2022 23:17 IST
New Delhi [India], February 18 (ANI): Union Minister of Commerce and Industry Piyush Goyal on Friday said that sectors such as textiles, handloom, jewellery, and footwear will benefit from the Comprehensive Economic Partnership Agreement (CEPA) signed between India and UAE.
India and the United Arab Emirates today signed CEPA that will help bolster the strategic partnership and take bilateral economic and commercial engagement to the next level.
“Sectors like textiles, handloom, gems, and jewellery, leather goods, footwear will benefit from the India-UAE Comprehensive Economic Partnership Agreement. These are products that provide huge employment for people in India,” Piyush Goyal told ANI.
After the signing of CEPA, the union minister said medicines made in India will get access to the UAE market within 90 days of submission of an application on zero duty.
“The medicines made in India which are approved by the United States approved by the EU or UK, Canada, or Australia will get access to the UAE market within 90 days of submission of an application on zero duty,” he said.
“Around 90 per cent of products are exported to the UAE, estimating around Rs 2 lakh crore. The products that will be exported to the UAE market include leather, footwear, sports goods, furniture, cotton, agricultural goods, engineering products,” he further said.
Goyal noted that petroleum products will be brought to India from the UAE. “Other metals and minerals can come to India on less duty. This will help industries in India to use raw materials at a cheap rate and this will benefit the consumers in India.
CEPA was signed during a meeting between the Commerce Minister Piyush Goyal and the UAE delegation led by Minister of Economy, Abdulla bin Touq Al-Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
The Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to an increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years. (ANI)
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