New Delhi: India and United Arab Emirates Negotiations for a free trade agreement have formally begun and the first round of talks aimed at ending it by the end of December will begin on Thursday, aimed at boosting trade and investment between countries, commerce and trade. Industry Minister Piyush Goyal said on Wednesday.
The two countries are looking to sign a formal agreement, officially called the Comprehensive Economic Partnership Agreement (CEPA), in March 2022 after the completion of internal legal processes and ratification.
India’s Minister of Commerce and Industry Piyush Goyal and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zayoudi formally launched talks on the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
“Given the progress made by the two countries under the Comprehensive Strategic Partnership signed in 2017, the two Ministers expressed their desire to reach a mutually beneficial economic agreement. Both sides aim to conclude talks by December 2021 and a formal one in March.” The agreement will have to be signed by 2022 after the completion of internal legal procedures and ratification,” a joint statement said.
Al Zayoudi is here with a high-level delegation to hold talks on improving bilateral economic ties, including expanding existing trade and investment ties.
“It is with great satisfaction that today we have started negotiations for a mutually beneficial Comprehensive Economic Partnership Agreement… The first round of CEPA talks will be held in Delhi tomorrow and the day after.
“Both sides have drawn up a very aggressive and ambitious deadline and are aiming to conclude negotiations by December 2021. And we will sing a formal agreement in the early part of 2022 after the completion of internal legal processes and the necessary ratification process. expect.” Goyal said in a media briefing with the guest minister.
He said that CEPA will enhance bilateral trade and investment flows and this will aid in our post-Covid economic recovery and future economic growth.
The two ministers emphasized that CEPA will create new jobs, raise standards of living and provide wider social and economic opportunities in both countries, the joint statement said.
“A new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion and trade in services to $15 billion within five years of the signed agreement,” it said.
The United Arab Emirates is currently India’s third largest trading partner, with bilateral trade at $59 billion in 2019-20. The United Arab Emirates is also India’s second largest export destination after the US, with exports totaling around $29 billion in 2019-20.
India was the UAE’s second largest trading partner in 2019, with bilateral non-oil trade at $41 billion. The United Arab Emirates is the eighth largest investor in India, having invested $11 billion between April 2000 and March 2021, while investments by Indian companies in the UAE are estimated to exceed $85 billion.
India’s major exports to the UAE include petroleum products, precious metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat and seafood, textiles, engineering and machinery products and chemicals.
Imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals, and wood and wood products.
India imported crude oil worth $10.9 billion from UAE in 2019-2020.
Under a free trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they liberalize norms to promote trade and investment in services.
The two countries are looking to sign a formal agreement, officially called the Comprehensive Economic Partnership Agreement (CEPA), in March 2022 after the completion of internal legal processes and ratification.
India’s Minister of Commerce and Industry Piyush Goyal and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zayoudi formally launched talks on the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
“Given the progress made by the two countries under the Comprehensive Strategic Partnership signed in 2017, the two Ministers expressed their desire to reach a mutually beneficial economic agreement. Both sides aim to conclude talks by December 2021 and a formal one in March.” The agreement will have to be signed by 2022 after the completion of internal legal procedures and ratification,” a joint statement said.
Al Zayoudi is here with a high-level delegation to hold talks on improving bilateral economic ties, including expanding existing trade and investment ties.
“It is with great satisfaction that today we have started negotiations for a mutually beneficial Comprehensive Economic Partnership Agreement… The first round of CEPA talks will be held in Delhi tomorrow and the day after.
“Both sides have drawn up a very aggressive and ambitious deadline and are aiming to conclude negotiations by December 2021. And we will sing a formal agreement in the early part of 2022 after the completion of internal legal processes and the necessary ratification process. expect.” Goyal said in a media briefing with the guest minister.
He said that CEPA will enhance bilateral trade and investment flows and this will aid in our post-Covid economic recovery and future economic growth.
The two ministers emphasized that CEPA will create new jobs, raise standards of living and provide wider social and economic opportunities in both countries, the joint statement said.
“A new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion and trade in services to $15 billion within five years of the signed agreement,” it said.
The United Arab Emirates is currently India’s third largest trading partner, with bilateral trade at $59 billion in 2019-20. The United Arab Emirates is also India’s second largest export destination after the US, with exports totaling around $29 billion in 2019-20.
India was the UAE’s second largest trading partner in 2019, with bilateral non-oil trade at $41 billion. The United Arab Emirates is the eighth largest investor in India, having invested $11 billion between April 2000 and March 2021, while investments by Indian companies in the UAE are estimated to exceed $85 billion.
India’s major exports to the UAE include petroleum products, precious metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat and seafood, textiles, engineering and machinery products and chemicals.
Imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals, and wood and wood products.
India imported crude oil worth $10.9 billion from UAE in 2019-2020.
Under a free trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they liberalize norms to promote trade and investment in services.
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