new Delhi. India and the United Arab Emirates (UAE) on Sunday agreed to constitute a Technical Council on Investment, Trade Promotion and Facilitation under the Comprehensive Economic Partnership Agreement (CEPA) signed last month.
Business expected to reach $100 billion in 5 years
CEPA was signed between the two countries on 18 February. With this agreement, the bilateral trade of both the countries is expected to reach 100 billion dollars and create millions of employment opportunities in the next 5 years. Under such an agreement, two trading partners reduce or eliminate customs duty on the maximum number of goods traded between them.
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DPIIT joint secretary will preside
According to the CEPA text released on Sunday, “The Council on behalf of the UAE will be chaired by an Under Secretary of the Ministry of Finance or a representative authorized by him, while the Joint Secretary of the Department for Promotion of Industry and Internal Trade, ie DPIIT, Government of India. The secretary will preside over it.
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According to this, the objective of the Council is to promote, facilitate investment and trade cooperation, monitor investment and business relations, identify opportunities and negotiate related issues.
UAE and India are in top 3 in each other’s trade partnership and our bilateral trade is also around 60 billion dollars. We estimate that we will take it to $100 billion in the next 5 years: Sanjay Sudhir, Indian Ambassador to UAE, Dubai, UAE pic.twitter.com/cSLMASfcWy
— ANI_EnglishNews (@AEnglishnews) March 27, 2022
Sanjay Sudhir, Ambassador of India to the UAE, said, “UAE and India are in the top 3 in each other’s trade partnership and our bilateral trade is also worth around $60 billion. We estimate that in the next 5 years we will take it to $100 billion.”
Tags: business news in hindi, UAE
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