India-UAE Trade Agreement To Create New Avenues of Scale Up Exports: PHD Chamber
The CEPA will not only improve competitiveness of Indian products, but also provide strategic advantages for India.
The Comprehensive Economic Partnership Agreement (CEPA) was signed by India and United Arab Emirates (UAE) in February 2022 and became effective on 1st May 2022. It will increase bilateral trade trajectory and help to achieve USD 100 billion in the next five years from current USD 60 billion, said Mr. Pradeep Multani, President, PHDCCI.
Under the India- UAE trade agreement, UAE offered duty elimination on over 97 percent of its products which account for 99 percent of Indian exports, which will create new avenues for India and open doors for the rest of the Middle East, some parts of Africa and Europe. The CEPA will not only improve competitiveness of Indian products, but also provide strategic advantages for India.
Going ahead, India- UAE CEPA would be vital for India industries as it will increase exports of MSMEs, Startups and large conglomerates of the various sectors such as gems and jewellery, engineering goods, textiles and apparel, agricultural and fish products, leather, footwear, sport goods, pharmaceuticals and medical devices among others. This trade agreement would make Indian industries more competitive and connected to the global value chains. It will open up huge prospects for Indian businesses and create employment opportunities with increased factory production, said Mr. Pradeep Multani.