India-UAE signs bilateral trade projected at $100 billion in 5 years

India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) on the sidelines of the India-UAE Virtual Summit held on February 18.

The bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of the implementation of the India-UAE free trade agreement, parliament was informed on Wednesday.

India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) on the sidelines of the India-UAE Virtual Summit held on February 18.

The India-UAE CEPA is a comprehensive and balanced partnership agreement that will give enhanced market access for India in both goods and services, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to the Lok Sabha.

She said that the UAE has offered immediate market access at zero duty from Day 1 of the entry into force of the agreement to products accounting for around 90 per cent of India's exports to the UAE in value terms.

As regards trade in services, the UAE has offered market access to India in around 111 sub-sectors from the 11 broad service sectors.

"Bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of implementation of the India-UAE CEPA," she said.

In another reply, she said there is no shortage of coal supply from sources of Coal India Limited (CIL) to tea gardens in the northeastern region.

"CIL has provided coal supplies to the tune of 618.70 million tonnes (MT) during the current fiscal (upto March 9, 2022) in comparison to 531.4 MT supplied during the same period last year, thereby achieving a growth of about 16.4 per cent," she added.