India-UAE CEPA will be game-changer in economic ties: PM Narendra Modi

Terming the IndiaUAE Comprehensive Economic Partnership Agreement CEPA as a gamechanger in economic ties Prime Minister Narendra Modi said that deal will help enhance bilateral trade in goods to USD 100 billion and services to USD 15 billion in the next 5 yearsHH MohamedBinZayed and I believe that the IndiaUAE CEPA signed today will be a gamechanger in our economic ties With enhanced market access bilateral trade in goods should rise to 100 billion and services to 15 billion in the next 5 years PM Modi tweetedGreat pleasure to hold Virtual Summit with my friend HH MohamedBinZayed Crown Prince of Abu Dhabi IndiaUAE comprehensive strategic partnership has undergone huge transformation in the past 7 years We issued a Joint Vision Statement that lays the future roadmap for our tiesmdash Narendra Modi narendramodi February 18 2022HH MohamedBinZayed and I believe that the IndiaUAE CEPA signed today will be a gamechanger in our economic ties With enhanced market access bilateral trade in goods should rise to 100 billion and services to 15 billion in the next 5 yearsmdash Narendra Modi narendramodi February 18 2022Prime Minister Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit earlier today Both leaders expressed deep satisfaction with the continuous growth in bilateral relations in all sectorsPrime Minister and the Crown Prince issued a Joint Vision Statement Advancing the India and UAE Comprehensive Strategic Partnership New Frontiers New MilestoneThe Statement establishes a roadmap for a futureoriented partnership between India and UAE and identifies focus areas and outcomes The shared objective is to promote new trade investment and innovation dynamic in diverse sectors including economy energy climate action emerging technologies skills and education food security healthcare and defence and securityExternal Affairs Minister EAM S Jaishankar called this meeting a landmark IndoUAE Summit and said this will take bilateral ties to a new level Our relationship has a larger significance reflected in the Quad with Israel and US Jaishankar tweetedThis is the fastest FTA to be negotiated between any two countries in less than 3 months and Indias first comprehensive trade agreement in a decadeThis will help to unlock new trade routes between Africa and Asia Through this deal Indian exporters will gain market access in the UAE but also provide wider access to the much larger Arab and African marketsThis will help with substantial net gains for India particularly in labourintensive industries Gems and Jewellery Textiles Leather Footwear Sports goods Plastics Furniture Agricultural and wood products Engineering products Pharmaceuticals and medical devices and AutomobilesThe deal is mutually beneficial and boosts bilateral trade goods to 100 billion over five years and 15 billion for services almost double of prepandemic levelsThis agreement will help achieve zero duty from day one of the entry into force of the Agreement accounting for 9037 of Indias exports to UAE in value term Moreover zero duty within 5 to 10 years on an additional 937 of our trade value for the following products Electronic Goods Chemicals and Petrochemicals Articles of Stone Cement Ceramics MachineryThrough this deal UAE is offering immediate duty elimination on over 8037 of its tariff lines corresponding to 9037 of Indias exports in value terms It also covers Trade in Goods Rules of Origin Trade in Services Technical Barriers to Trade Dispute Settlement Telecom Customs Procedures Pharmaceutical IPR Digital Trade and Cooperation in other areasFor the first time in a trade agreement a separate Annex on Pharmaceuticals has been incorporated to facilitate access of Indian pharmaceutical productsMoreover IndiaUAE CEPA is likely to benefit about 26 billion worth of Indian products that are currently subjected to 537 import duty by the UAEIn Services UAE has offered 111 subsectors to India as compared to 100 subsectors by India to UAE Substantial gains in Indias areas of interest include Computer related services Audio Visual services Audio visual services Education services Health Services Tourism amp Travel related services professional services Nursing engineering accountancy etc amp Other Business ServicesThis agreement will provide a boost to Infrastructure Investment UAE has committed to making significant investments in Indias infrastructure For SMEs CEPA will provide a platform for SMEs in both countries to expand internationally by granting them access to new customers networks and avenues of collaborationThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever