On February 18 India and the United Arab Emirates (UAE) inked a trade pact, the ‘Comprehensive Economic Partnership Agreement’ (CEPA) during a virtual summit led by Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan.
This signed agreement is going to generate 10 lakh jobs in India as per Commerce and Industry Minister Piyush Goyal, along with an increase in bilateral trade between the two countries by USD 100 billion.
“Both countries will be benefitted from it, be it trade, industry or the people. At least in India, around 10 lakh youths will get job opportunities and bilateral trade will increase by USD 100 billion. The kind of enthusiasm which can be seen in industries, I feel that we can export USD 100 billion through this deal,” said Goyal.
The agreement will be in effect from the first week of May 2022 as per the reports. This will benefit, Indian sectors like- Plastic, Furniture, Agriculture, Food production, etc.
While informing further on this he said, “the deal will be ratified in 60 days or even less, after that it will be operationalized. The government has done its work, industry and business world now have to show their enthusiasm and initiative so that they can implement this deal. I think that Indian businessmen, industrialists and the MSME sector will get a big boost from it.”
UAE is the third-largest trade partner of India and with this recent agreement of CEPA, both aim to renew the pre-pandemic level of trade they had.