India and the UAE hope to conclude the negotiations for a bilateral Comprehensive Economic Partnership Agreement (CEPA) next week at the negotiations scheduled in New Delhi.
“The third round of India-UAE CEPA negotiations are scheduled to be held in New Delhi on December 6-10 wherein both sides aim to conclude the negotiations,” according to a release circulated by the Commerce & Industry Ministry on Friday.
Commerce & Industry Minister Piyush Goyal met the representatives of aluminium, copper, and chemicals and petrochemicals industry on Friday at Udyog Bhawan as part of the on-going multi-stakeholder consultations related to the India-UAE CEPA negotiations.
“The Minister apprised the representatives from the industry about the importance of the CEPA in elevating the overall economic and commercial relations with UAE which in turn will not only benefit bilateral trade but also create new jobs and provide wider social and economic opportunities,” the release said.
The Minister highlighted the potential benefits from the proposed CEPA agreement for industries which are labour intensive and also the beneficial “spillovers’’ including increased investments, job creation, and employment opportunities. Industry representatives were also apprised of the strategic importance of the agreement which encompasses deeper bilateral economic engagement and wider market access, the release added.
The UAE is the third largest trading partner of India despite a dip in both exports and imports in 2020-21 due to the pandemic. India’s exports to UAE last fiscal were valued at $16.7 billion while imports from the country were at $26.6 billion.
UAE is also one of the top 10 investors into India with an estimated $11 billion investments since 2000 more than half of which is in the form of FDI.