Unveiling the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE), which was signed in February, Commerce and Industry Minister Piyush Goyal said that the both countries have embarked on a brighter future together.
Goyal, who is in Dubai to participate in 'Investopia Summit' and 'World Government Summit', said that the growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries.
India-UAE CEPA was signed on February 18 in New Delhi during the India-UAE Virtual Summit held between Prime Minister Narendra Modi and Sheikh Mohammed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council.
The initiative is the first deep and full free trade Agreement to be signed by India with any country in the past decade.
The CEPA between India and the UAE covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7581 tariff lines), respectively.
The negotiations for India-UAE CEPA were concluded in a record span of 88 days and the Agreement is expected to enter into force on May 1.
From US$ 180 million per annum in the 1970s, India-UAE bilateral trade has steadily increased to US$ 60 billion (₹4.55 lakh crore) in FY 2019-20 making the UAE, India's third largest trading partner.
The UAE is also the eight largest investor in India with an estimated investment of US$ 18 billion.
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