Saturday, Apr 20 2024 | Time 20:50 Hrs(IST)
image
Business EconomyPosted at: Sep 22 2021 7:28PM


India, UAE launch negotiations for early trade pact, see bilateral trade in goods reaching US$ 100 billion in five years

New Delhi, Sep 22 (UNI) India and the UAE on Wednesday formally launched negotiations on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA).
With the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi-led delegation in India to hold talks for improving bilateral economic relations, the first round of CEPA negotiations is scheduled over September 23-24.
"Both sides will aim to conclude negotiations by December 2021 and sign a formal agreement in March 2022 after the completion of internal legal procedures and ratification," said the joint statement.
Commerce and Industry Minister Piyush Goyal has fast-tracked free trade agreements (FTAs) with major countries including UAE to boost bilateral trade and investment.
During the bilateral talks between Goyal and his UAE counterpart, the two ministers emphasised that CEPA will create new jobs, raise living standards, and provide wider social and economic opportunities in both nations.
"A new strategic economic agreement is expected to increase bilateral trade in goods to US$ 100 billion within five years of the signed agreement and increase trade in services to US$ 15 billion," the statement said.
The UAE is currently India’s third-largest trading partner with bilateral trade in 2019/2020 valued at USD 59 billion. The UAE is also India’s second-largest export destination after the US, with exports valued at about US$ 29 billion in 2019-2020.
India was the UAE’s second-largest trading partner in 2019, with bilateral non-oil trade valued at US$ 41 billion. The UAE is the eighth-largest investor in India, having invested US$ 11 billion between April 2000 and March 2021, while investment by Indian companies in the UAE is estimated to be over US$ 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. India's top imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals and wood and wood products.
India imported US$ 10.9 billion of crude oil from the UAE in 2019-2020.
Reaffirming their commitment to working together, both Ministers agreed to strengthen the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system embodied by the World Trade Organization. They also agreed to work towards a balanced and inclusive outcome at the 12th WTO Ministerial Conference (MC12) in Geneva, Switzerland.
"Both Ministers emphasised that concluding CEPA negotiations quickly and constructively will further strengthen the deep trade and economic ties between both countries," said the joint statement.
UNI NK
Please log in to get detailed story.
Tags: #India# UAE launch negotiations for early trade pact# see bilateral trade in goods reaching US$ 100 billion in five years
More News
HDFC Bank net up 37% in Q4; company recommends dividend of Rs 19 50 per share

HDFC Bank net up 37% in Q4; company recommends dividend of Rs 19 50 per share

20 Apr 2024 | 5:36 PM

New Delhi, Apr 20 (UNI) India’s largest private sector bank HDFC Bank on Saturday announced a jump of 37.1 per cent in net profit at Rs 16,511.85 crore for fourth quarter (January-March) of FY2023-24.

see more..

Kottayam-Kochi Rubber Market Rates

20 Apr 2024 | 4:46 PM

Kottayam, Apr 20 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Saturday per quintal.

see more..
ICICI Bank strengthens support for senior citizens in Bengal

ICICI Bank strengthens support for senior citizens in Bengal

20 Apr 2024 | 1:29 PM

Kolkata, April 20 (UNI) The ICICI Bank has announced a range of initiatives to make banking more convenient to its senior citizen customers in West Bengal.

see more..

IREDA nets all-time high at Rs 1,252 23 cr in FY24

19 Apr 2024 | 8:38 PM

New Delhi, April 19 (UNI) Indian Renewable Energy Development Agency Ltd. (IREDA), the nation's largest pure-play green financing NBFC, Friday announced an all-time high net profit of Rs. 1,252.23 crore in 2023-24, a 44.83 per cent jump over the previous fiscal year 2022-23.

see more..

"CSIR-IICT and BHEL partners to advance clean fuel technology: MoU signed on CO2 to DME"

19 Apr 2024 | 7:23 PM

Hyderabad, April 19 (UNI) The Council of Scientific and Industrial Research-Indian Institute of Chemical Technology (CSIR-IICT) and Bharat Heavy Electricals Limited (BHEL) Corporate R&D have forged a partnership to develop technology for capturing and converting carbon dioxide (CO2) to Dimethyl Ether (DME) through direct catalytic conversion.

see more..
image