India, UAE set to sign trade deal on Friday - Times of India

India, UAE set to sign trade deal on Friday – Times of India

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NEW DELHI: India and the United Arab Emirates are set to sign a bilateral trade agreement on Friday, marking the first major deal to be signed after New Delhi returned to the negotiating table after opting out of RCEP.
The deal will be signed by commerce and industry minister Piyush Goyal and UAE economy minister Abdulla bin Touq Al Marri, who will be accompanied by Thani bin Ahmed Al Zeyoudi, the minister in-charge for trade.
While the details had been thrashed out in December, the deal was expected to be announced during Prime Minister Narendra Modi’s visit to UAE at the start of the year. Government sources said that apart from being a major trade agreement, it also signals the importance the two countries are giving to strategic ties that have grown over the last few years.
Apart from opening the market for Indian food products through lower tariffs, the trade pact is expected to include key provisions for easier movement of Indian workers and professionals. The government is hoping that the agreement will not just help Indian businesses access investment in key areas but also tap some other markets using the Emirates route. In return, some of the petrochemicals goods are expected to gain access in India, although the government is pitching it as a move that will help create jobs.
Separately, feasibility for negotiations for a trade deal with the Gulf Cooperation Council, which consists of UAE, Bahrain, Oman and Saudi Arabia, is being explored. India is already negotiating free trade agreements with the UK, EU, Australia and Canada.



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