India-UAE FTA: India and UAE may sign a free trade agreement on February 18

Posted on 15th Feb 2022 10:58 am by rohit kumar

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.

Other news

ISRO: Sun's unsolved knots will be solved soon! Countdown begins for launch of ISRO's Sun mission 'Aditya L1'

The countdown for the launch of the Indian space agency ISRO's Sun Mission Aditya L1 has begun. I

Abhishek Bachchan: Big B was overjoyed to see the success of his son Abhishek, shared the post and wrote- 'The word pride fell short'

Abhishek Bachchan is in the news these days for his film 'Be Happy'. The film has been released o

Covid restrictions eased after demonstrations in China: fear of spreading corona, long lines at medical stores to buy medicines

After weeks of protests in China, the government is going to ease Covid restrictions from today.

Manish Sisodia CBI Remand: Manish Sisodia was sent to CBI remand for five days, Rouse Avenue Court gave its verdict

Delhi Deputy Chief Minister and Aam Aadmi Party leader Manish Sisodia were produced by the CBI in

Sharad Pawar: Opposition unity uneasy with Ajit and Sharad Pawar's meeting, is Congress making Plan B?

Recently Ajit Pawar and Sharad Pawar met in Pune. After this meeting, a round of discussions star

Ashes: Controversy between Smith and Bairstow did not stop, then Kangaroo batsman became a victim of criticism from the English crowd

Steve Smith's controversial run-out decision in Ashes 2023: In Ashes 2023, another decision of th

Tirupati Prasad Row: 'The sanctity of Laddu Prasadam has been restored', Tirupati temple administration issued a statement

After the controversy over the use of animal fat in Tirupati's famous Laddu Prasadam, now the tem

Agnipath Scheme: Recruitment rally for firefighters in the army will be organized in UP and Uttarakhand, know the date

Agniveer Recruitment Scheme: Dates have come for the recruitment of Agniveers in the Indian Army

Will 20 thousand Indians be sent back from America? Modi government is ready to help and knows who is in danger.

US President Donald Trump made several important decisions after taking the oath of office. The T

Protest against Deepika's saffron bikini in Besharam Rang song: First bikini was seen in 7600 year old goddess painting, most expensive bikini worth 190 crores

Deepika Padukone has courted controversy for wearing a bikini in the song Besharam Rang from the