Sources said that India and the United Arab Emirates may sign a free trade agreement (FTA) on February 18, under which both countries will be able to trade in several products from different sectors in a duty-free manner. In September last year, India and the United Arab Emirates (UAE) formally began negotiations on the agreement, which was officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA).
Under such an agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they liberalize norms to promote trade and investment in services. This will be the second such agreement signed by the present government. India had signed the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius in February last year.
The agreement may be signed on February 18
"The India-UAE agreement is ready and will be signed on February 18," a source said. Bilateral trade between India and UAE stood at USD 43.3 billion in 2020-21. In 2020-21, exports stood at USD 16.7 billion and imports were at USD 26.7 billion.
What was Commerce and Industry Minister Piyush Goyal?
Last week, Commerce and Industry Minister Piyush Goyal said that "we expect to make some announcements very soon" on the India-UAE trade deal. Earlier, he had said that the UAE is the gateway to the whole of Africa and many other parts of the world.
He had said that there are a large number of Indian expatriates in the UAE. There is a huge market for products like textiles, gems and jewellery, leather, footwear, and food items.
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