India-UAE Trade Agreement would Create New Avenues for Indian Businesses, scale up exports: PHD Chamber

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The Comprehensive Economic Partnership Agreement (CEPA) was signed by India and United Arab Emirates (UAE) in February 2022 and became effective on 1st May 2022. It will increase the bilateral trade trajectory and help to achieve USD 100 billion in the next five years from the current USD 60 billion, said Mr. Pradeep Multani, President, PHDCCI.

Under the India- UAE trade agreement, UAE offered duty elimination on over 97 percent of its products which account for 99 percent of Indian exports, which will create new avenues for India and open doors for the rest of the Middle East, some parts of Africa and Europe. The CEPA will not only improve the competitiveness of Indian products but also provide strategic advantages for India.

Going ahead, India- UAE CEPA would be vital for Indian industries as it will increase exports of MSMEs, Startups, and large conglomerates of the various sectors such as gems and jewellery, engineering goods, textiles and apparel, agricultural and fish products, leather, footwear, sports goods, pharmaceuticals, and medical devices among others. This trade agreement would make Indian industries more competitive and connected to the global value chains. It will open up huge prospects for Indian businesses and create employment opportunities with increased factory production, said Mr. Pradeep Multani.

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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.