India, UAE CEPA agreement to provide 10 lakh job opportunities; increase bilateral trade by USD 100 billion: Piyush Goyal
Feb 21, 2022
New Delhi [India], February 21 : Commerce and Industry Minister Piyush Goyal on Monday said that the Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE will provide 10 lakh job opportunities to Indian youths and will increase the bilateral trade between the two nations by USD 100 billion.
"Both countries will be benefitted from it, be it trade, industry or the people. At least in India, around 10 lakh youths will get job opportunities and bilateral trade will increase by USD 100 billion. The kind of enthusiasm which can be seen in industries, I feel that we can export USD 100 billion through this deal," said Goyal to ANI.
He said that the deal is likely to come into effect from the first week of May 2022, opening up a comprehensive array of gains for India in sectors like plastics, furniture, agricultural and food products.
"The deal will be ratified in 60 days or even less, after that it will be operationalized. The government has done its work, industry and business world now have to show their enthusiasm and initiative so that they can implement this deal. I think that Indian businessmen, industrialists and the MSME sector will get a big boost from it," said the Union Minister for Commerce and Industry.
Emphasizing upon the relations between Prime Minister Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan, he said, "The relation between PM Modi and Crown Prince of UAE is very cordial, due to that CEPA agreement was signed in less time."
The CEPA comes opportunely when the UAE which is India's third-largest trade partner, is working with New Delhi to renew trade to a pre-pandemic level of USD 60 billion.
India-UAE Comprehensive Partnership Agreement deal was signed during the virtual summit meeting on Friday between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan.
