India-UAE CEPA will lead to a $ 250 bilateral trade

Mumbai, May 14 "The recently signed Comprehensive Economic Partnership Agreement (CEPA) between India and UAE will lead to a US$250 Billion Bilateral Trade in coming Years" stated Piyush Goyal while addressing the CII India-UAE Economic Partnership Summit, held on 13 May 2022.

Piyush Goyal, Hon'ble Minister of Commerce & Industry Textiles & Consumer Affairs, Food, and Public Distribution, Government of India, while addressing the summit, said that India and UAE share a very old relationship of cultural diaspora and have a huge potential to work together. This CEPA has created history by being the fastest ever trade agreement to be signed between two countries. He further stated that CEPA is not only about trade, but a strategic partnership that

strongly covers deep cultural and historic ties between India and UAE. and aims to build a more robust and resilient relationship.

In the coming five years, CEPA will bring about an increase of US $250 billion in bilateral trade. He emphasised that CEPA will open doors to India's labour incentive sectors such as leather, textiles, gems and jewellery. These sectors will get immediate access to the UAE market. He emphasised that the US $10 billion semi-conductor programme and the PLI scheme will benefit UAE companies and assist them in establishing bases in India. CEPA is a pathway for Indian pharma sector to market their products in UAE thereby opening doors for pharma products. Mr Piyush Goyal further stated that education ties between India and UAE can help the students of both countries reap the benefits of the new education policies and initiatives. Goyal strongly stated that India should be recognised as a quality manufacturer of all kinds of goods, and both nations should work with each other on new technologies and new initiatives.

Abdullah Al Marri, Minister of Economy, UAE, said that "UAE is highly interested in exploring potential direct investment opportunities under the ambit of the 'Make in India' programme".

HE Dr Ahmad Belhoul Al Faisal, Hon'ble UAE Minister of State for Entrepreneurship & SMEs, UAE said " India relationship with UAE is unique and rides on the back of the small medium enterprises system dated back then". India is UAE's largest trading partner. Digital infrastructure investment in India is commendable which has enabled the unicorns across the world to invest in India. UAE has launched the programme "Entrepreneurial Nation", which helps and handholds the

start-ups of any country to come and set up base in UAE. He further stated that significant investment in UAE is happening in Fintech and renewable energy, and government is looking to invest more in strategic sectors like agri-tech, education. He stressed that with bilateral trade being US$16 billion, CEPA is the crown of all agreements signed between India and UAE.

Sanjiv Bajaj, President, Confederation of Indian Industry (CII), and Chairman of Bajaj Finserv, while addressing the inaugural session, highlighted that "CEPA can play a key role in crucial areas such as climate change, skill development, opening new investment opportunities, and advanced industrial technologies." He stated that CEPA will strengthen India's already strong ties with the UAE. He further suggested that the emerging sectors need to be focused upon, which includes manufacturing green products, which in turn can create new sunrise sectors. He stated that Industry 4.0 can help leverage B2B on both sides. Mr Bajaj said that India has the potential to participate in UAE healthcare, logistics, and other important sectors.

Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), while addressing the inaugural session highlighted that the need of the hour is for industrial excellence centres and exhibitions to bring industrial leaders together for an exchange of thoughts about best industrial practices. He also emphasised the importance of working with embassies and developing a Pre-Departure Orientation Program.