India-UAE deal is expected to come into force from May 1

March 28, 2022
12:21 pm

Agreement to boost trade between
India and UAE to $100 billion

NEW DELHI:

The free trade agreement between India and the UAE is expected to come into force from May 1, 2022. India-UAE Comprehensive Economic Partnership Agreement, CEPA, was signed on February 18, 2022 in New Delhi during the India-UAE Virtual Summit held between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan.

The agreement aimed at boosting the merchandise trade between the two countries to 100 billion US dollar over the next five years. The India-UAE CEPA is the first deep and full free trade Agreement to be signed by India with any country in the past decade.

Commerce and Industry Minister Piyush Goyal has said that historic India – UAE CEPA, is a joint roadmap to transform the lives of our people and strengthen the partnership on the global stage. In a tweet, Mr. Goyal said, India-UAE embark on a brighter future together.

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The GCC nations and India are strengthening historic ties across cultural, trade, economic, defense and political areas. Relations between the two regions are maturing beyond trade, as they realize the potential of strategic cooperation and growth. The GCC-India corridor presents immense opportunities for investors.

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