India-UAE CEPA to Boost India’s Economic Growth: Goyal – Jammu Kashmir Latest News | Tourism

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MUMBAI, May 13: Union Trade and Industry Minister Piyush Goyal said on Friday that the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates will boost the economic growth of India, as bilateral trade between the two countries can potentially reach $250 billion.
The minister, who is in Mumbai, together with UAE Minister of Economy Abdullah Bin Touq Al Marri and a business delegation from the UAE, said CEPA also opens up greater opportunities even in the Gulf and the African region.
The India-UAE CEPA, which came into effect on May 1 this year, is expected to boost bilateral trade to $100 billion in the next five years from the current $60 billion.
“If a million jobs are added and if our exports, which currently stand at $36 billion, increase as we expect, I guess this India-UAE partnership can reach around $250 billion on both sides. This will give a boost to economic growth,” Goyal said while speaking to the media.
He further said that the opportunities that CEPA opens up not only in the UAE but also in the greater Gulf or African region is also expected to boost the Indian economy significantly.
Earlier today, the Minister also launched the “India-UAE Startup Bridge” which aims to act as a one-stop platform where information regarding the Indian and UAE startup ecosystem will be easily accessible to entrepreneurs and parties. stakeholders from both countries.
The bridge aims to facilitate capacity building for incubators and also aims to bring UAE investment companies to work closely with Indian venture capital and private equity firms, among others.
“This bridge is a key step towards formalizing cooperation between India and the UAE on building stronger startup ecosystems in both countries through long-term programs. This bridge is our commitment to this mutual partnership,” Goyal said.
Under CEPA, domestic exporters of 6,090 goods from sectors including textiles, agriculture, dried fruits, gemstones and jewelery would benefit from duty-free access to the UAE market . Similarly, India would now allow duty-free access to 80% of goods from the United Arab Emirates, rising to 90% in 10 years. (UNITED)

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