NEW DELHI: UAE business minister Thani bin Ahmed Al Zeyoudi has stated that a comprehensive trade agreement with India is likely to be reached by December and signed by March. According to the minister, the value of UAE non-oil trade with India is expected to expand from $40 billion in pre-pandemic levels to over $100 billion in five years, who arrived in New Delhi on Thursday to begin trade discussions.
“We have officially started talks to develop the India-UAE Comprehensive Economic Partnership Agreement today. It will strengthen ties, expand commercial and investment possibilities, and usher in a new age of strategic partnership. We are optimistic that a deal can be reached quickly. Piyush Goyal, the Commerce Minister, and I are pleased with our progress so far. “We are looking forward to the next round of fruitful discussions,” Al Zeyoudi stated.
CEPA will encompass products trade, services trade, and deeper cooperation in essential sectors, he said. “India has a vibrant and competitive services sector that contributes significantly to the country’s GDP. He stated that the specific industries that would be covered in CEPA have yet to be determined.
“By December, we expect to have struck a comprehensive and mutually advantageous deal. It will allow us ample time to sign a deal in March 2022, assuming that legal procedures are completed and both parties ratify the agreement”, he added.
According to Al Zeyoudi, Indians play a significant role in the UAE. “The Indian community in the United Arab Emirates is a significant aspect of the country’s heterogeneous society. The UAE is home to over 3.5 million Indian people, and over 4,000 businesses ranging from startups to international organisations operate in real estate, retail, manufacturing, media, and other industries.”
In addition, we are revamping our visa system and introducing new long-term resident visas. Many Indian ex-pat investors and entrepreneurs have already profited from this. For example, Joginder Singh Salaria, an Indian philanthropist working in Dubai, obtained a golden visa for his humanitarian activities earlier this week.