Goyal seeks a larger share of the UAE market
India sees the United Arab Emirates as gateway to markets in Africa, Europe, the GCC-Middle East and the CIS states, leveraging on its Comprehensive Economic Partnership Agreement (CEPA) with the Emirates which will be operational from 1 May 2022.
Commerce and Industry Minister Piyush Goyal said this at a Business-to-Business (B2B) meeting on the India-UAE CEPA in Dubai on 28 Mar 2022.
“This significantly opens the doors to significant markets all over the world. So when we set out to engage with each other, we were not engaging with a 10 million population in the UAE, I had in mind, and both of us had in our vision, the much larger engagement that this CEPA is going to offer to businesses on both sides,” said Goyal.
Goyal said the India-UAE CEPA, covering Merchandise Trade and Services, is not about Trade alone.
“It is not about trade in Goods and Services alone; I think it has a huge geopolitical, economic and also, in some sense, a great human element given the huge presence of the Indian Diaspora in the UAE,” stressed Goyal.
He termed the India-UAE Partnership as the “defining strategic partnership of the 21st century”.
This Agreement gives a new direction, a paradigm shift to this relationship, he said.
India also wants a larger share of the UAE market as New Delhi sets its eyes on achieving exports of goods worth US$1 trillion a year, he elaborated.
“With the growing role of services, in both the economies, I think that will also give a big thrust to our bilateral engagement in the years to come,” he said.
Goyal said the UAE has made commitments about their interests to invest in Indian infrastructure, manufacturing and logistic sector. fiinews.com
