New Delhi, May 1: Union Commerce and Industry Minister Piyush Goyal stated on Friday that the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is rapidly enhancing trade and opening new opportunities for Indian businesses.
Four years after the agreement’s implementation, economic ties between India and the United Arab Emirates have significantly strengthened across various sectors.
In a post on the social media platform X, Goyal noted that the agreement has created transformative opportunities for Indian farmers, MSMEs, and other businesses. “When the India-UAE CEPA was implemented four years ago, it generated new and substantial opportunities for farmers, MSMEs, and businesses,” he said.
The minister highlighted that bilateral merchandise trade has surpassed $100 billion, reflecting rapid growth since the agreement came into effect. Additionally, trade in services is also on the rise, providing Indian companies with new markets and increased earning potential.
Goyal remarked, “The trade of bilateral goods has robustly increased and crossed the $100 billion mark, while trade in services continues to grow, leading to new markets and greater profits.”
He pointed out that sectors such as gems and jewelry, engineering goods, electronics, and agriculture are experiencing rapid expansion. Furthermore, foreign direct investment (FDI) from the UAE into India and Indian investments abroad are both increasing, showcasing the strengthening economic relationship between the two nations.
The minister added that the progress in these sectors directly benefits exporters and businesses, enhancing India’s position in global trade. He also mentioned that the growing investment from the UAE into India and the increasing overseas investments by Indian companies reflect the deepening economic ties between the two countries.
Meanwhile, he revealed that he held a virtual meeting with UK Trade Minister Peter Kyle today, discussing ways to boost trade and investment. Both leaders also talked about maximizing the benefits of the India-UK Comprehensive Economic and Trade Agreement (CETA), as shared by the minister on social media X.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
