India And UAE To discuss Comprehensive Economic Partnership Agreement

Union Minister of Commerce and Industries, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal, met the representatives of Aluminium, Copper, and Chemicals and Petrochemicals Industry here today as part of the ongoing multi-stakeholder consultations related to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) negotiations.

The third round of India-UAE CEPA negotiations are scheduled to be held in New Delhi on 06-10 December 2021 wherein both sides aim to conclude the negotiations. Shri Piyush Goyal apprised the representatives from the Industry about the importance of the CEPA in elevating the overall economic and commercial relations with UAE which in turn will not only benefit bilateral trade but also create new jobs and provide wider social and economic opportunities.

Providing a way forward on these discussions, Shri Goyal appreciated the accommodative spirit of the Industry and urged the Industry representatives to continue to support the CEPA negotiations in the same spirit in the wider interests of the nation contributing to the holistic development of multi-sectoral economic value chains in the country.

The Minister also stressed on the potential benefits from the envisaged CEPA agreement for Industries which are labour intensive in nature and also on the numerous complementary spill-over economic benefits, including increased investments, job creation and employment opportunities. Further, industry representatives were also apprised of the strategic importance of the agreement which encompasses deeper bilateral economic engagement and wider market access.

The stakeholders expressed gratitude to the Minister for taking into consideration concerns of Indian Industry and provided constructive inputs on this matter with a view to ensure overall balance between market access and domestic sensitivities.