Budget
Import duty will be reduced on exports to UAE, trade expected to reach $100 billion : Credent TV
New deal between UAE and India
India has signed a trade pact with the United Arab Emirates (UAE). The signing of this pact will reduce the import duty on most Indian exports to the UAE.
The Comprehensive Economic Partnership Agreement (CEPA), the first major trade deal since the Narendra Modi government came to power in 2014, has been completed in record time. The deal was signed in New Delhi by Commerce and Industry Minister Piyush Goyal and UAE’s Minister of Economy Abdullah bin Touq Al Marri.
Export of gems-jewellery and clothing will increase
With the signing of this deal, there will be reduction in import duty on a wide range of products. The government hopes that this will increase the export of gems-jewellery and clothing. Trade with UAE could reach $100 billion in the next 5 years. India is the third largest trade partner of the UAE globally after the US and China. By 2020-21, bilateral trade between the two countries stood at $43.3 billion. In 2019-20, before the Corona epidemic, trade between the two countries was close to $ 59 billion.
PM Modi expressed happiness over the deal
Prime Minister Narendra Modi said at the India-UAE Virtual Summit, ‘I am very happy that both the countries have signed the Comprehensive Economic Partnership Agreement (CEPA) today. At the same time, Union Minister Piyush Goyal said, ‘The deal is done. Signed a pathbreaking deal with UAE Minister H.E. Abdullah bin Touq Al Marri. The sky is the limit of our trade and economic ties.
