UAE Minister of Economy to lead high-level business delegation to India
UAE Minister of Economy Abdulla bin Touq Al Marri will be leading a high-level business delegation to India this week to discuss ways to further promote trade and investments between the two countries, an official said.
The visit, from May 11-15, assumes significance as both countries have implemented the Comprehensive Economic Partnership Agreement (CEPA) on May 1.
UAE’s minister for small and medium enterprises is also part of the delegation.
“It will be an important visit as we have implemented the free trade pact,” the official said.
The CEPA is expected to boost bilateral trade to USD 100 billion in the next five years from USD 60 billion at present.
Under the trade agreement, domestic exporters in various sectors like textiles, agriculture, dry fruits, gems and jewelery are availing duty-free access to the UAE market.
The UAE is one of the largest trading partners of India and that country is a gateway to the Middle East, North Africa, Central Asia and sub-Saharan Africa.
Overall, India will benefit from preferential market access provided by the UAE on over 97 per cent of its tariff lines (or goods), which account for 99 per cent of Indian exports to the UAE in value terms – particularly from labor-intensive sectors. such as textiles, leather, footwear, sports goods, plastics, furniture, and engineering products.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.