Union Commerce and Industry Minister
Piyush Goyal have termed the India-UAE Comprehensive Economic
Partnership Agreement, signed last week as a landmark pact, that will
open up new markets for Indian goods and services.
Addressing a press conference in Mumbai today Mr. Goyal said that India
-UAE Comprehensive Economic Partnership Agreement (CEPA) is a balanced,
fair, comprehensive & equitable partnership agreement, which will
give enhanced market access for India in both goods and services. He
also said that it will create jobs for the Indian youth, open new
markets for our startups, make our businesses more competitive &
boost our economy.
Goyal asserted that the CEPA will be extremely beneficial for MSMEs, startups, farmers, traders, and all sections of businesses.
Speaking about the sectoral gains, he said that the labor-intensive
industries like Textiles, Gems and Jewellery, Leather goods and
footwear, and food processing industry would be prominent among those to
benefit the most. The Minister informed that sector-wise consultations
have shown that the pact will create a minimum of 10 lakh jobs for
Indian citizens.
Goyal further informed that the CEPA which was finalized and signed in a
record time of just 88 days, would come into force in less than 90
days, by early May. He told the media that around 90% of products
exported from India to UAE will attract zero duty with the
implementation of the Agreement. He continued saying that 80% of lines
of trade will attract zero duty, remaining 20% does not affect Indian
exports much, hence it's a win-win agreement.
He also mentioned that for the first time in a Trade agreement, the CEPA
provides for automatic registration and marketing authorization of
Indian generic medicines in 90 days giving big market access to Indian
medicines.
The minister also said that the CEPA will
not only improve the competitiveness of Indian products but also provide
strategic advantages to India. Mr. Goyal noted that with the
conclusion of the CEPA, India, and UAE aim to increase bilateral goods
trade over the next five years to $100 billion.
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(With input from news agency language)
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