India-UAE CEPA First meeting: Two countries target $100 billion non-petroleum trade by 2030
India and UAE on June 12 agreed more than double the trade in non-petroleum products by 2030. The two countries successfully held the first meeting of the Joint Committee of the India-UAE CEPA.
India and the UAE look to more than double non-oil bilateral trade to USD 100 billion by 2030, Commerce and Industry Minister Piyush Goyal said on June 12. At present, the non-oil bilateral trade stands at $48 billion. (Image: Twitter @PiyushGoyal)
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The new target was agreed upon during the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement (CEPA). The agreement was implemented on May 1 last year. (Image: PIB)
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In the meeting, it was also agreed to set up various committees and sub-committees and technical councils with regard to the implementation of various provisions of the trade agreement such as trade in goods; customs facilitation; rules of origin; sanitary and phytosanitary and technical barriers to trade issues; trade remedies; investment facilitation; and economic cooperation. (Image: PIB)
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The UAE is a major supplier of crude oil to India. Oil shipments account for a major share of bilateral trade between the countries. (Image: Twitter @PiyushGoyal)
On investments, Goyal said that the country will soon see Abu Dhabi Investment Authority's (ADIA) set up in the GIFT city as most of the issues have been resolved. It will accelerate inward investments into India and the investors from the UAE are looking to invest in sectors such as energy, emerging technologies, skills and education, food, healthcare, defence and startups. (Image: Twitter @ThaniAlZeyoudi)
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Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said that the UAE will always be there as a trusted supplier of oil to India. The trade agreement, he said, is helping Indian exports from sectors like textiles, footwear, automobiles, and gems and jewellery, while UAE exporters are increasing shipments from iron and steel, aluminium and polymers. (Image: Twitter @ThaniAlZeyoudi)
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A high-level delegation from the UAE, comprising senior officials of the Government of UAE and representatives from the business community of the UAE, led by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, visited India on June 11-12. (Image: Twitter @ThaniAlZeyoudi)
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Both the Ministers addressed a Joint Press Conference on successfully concluding the first meeting of the Joint Committee. They also participated in a B2B event organized by the Department of Commerce in partnership with the Confederation of Indian Industry (CII). (Image: PIB) (With inputs from agencies)
