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

NEw Delhji: 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 current USD 60 billion, said Pradeep Multani, President, PHD Chamber of Commerce & Industry (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 competitiveness of Indian products, but also provide strategic advantages for India.

Going ahead, India- UAE CEPA would be vital for India 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, sport 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 Pradeep Multani.