India and the UAE to wrap up the Comprehensive Economic Partnership Agreement (CEPA) by next month, says Shri Piyush Goyal

“This would probably be one of the fastest trade agreement between two countries ever made”: Shri Goyal

“Some of the elements of the agreement are the first of its kind, particularly for both countries” – Shri Goyal

Shri Goyal said Indian economy has recovered from what it had contracted last year due to Covid

The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal has said India and the UAE will wrap up the Comprehensive Economic Partnership Agreement (CEPA) by next month. “Hopefully by the end of this month or next month, we hope to conclude them (the negotiations) so that this would probably be one of the fastest trade agreement between two countries ever made,” he said, addressing the India Global Forum, UAE-2021 through video conference.

Shri Goyal said the agreement will be a mutually beneficial win-win solution for both countries, “provide market access to each other. Some of the elements of the agreement are the first of its kind, particularly for both countries.”

Shri Goyal said, this year Indian economy has been able to “largely recover” from what it had contracted last year due to the “very severe lockdown” we had imposed to tackle the Covid. “We have been able to look at very attractive growth rates, - Second quarter, that’s July-Sep, we grew at 8.4% which is one of the fastest growing growth rates in the world today. Our investments are at an all-time high, we are getting some of the highest FDI or FPI in recent months. Indian businesses are showing more compliant growth, more profitability growth. In the last few months our exports have been at an all-time high, - both merchandise and in services.”

Comprehensive Economic Partnership Agreement aims to secure reciprocal market access and novel trade provisions between India and the UAE. India and the United Arab Emirates are negotiating a Comprehensive Economic Partnership Agreement (CEPA) intended for imminent conclusion. The agreement is designed to provide reciprocal market access and will include provisions described as novel for both parties. Framed as mutually beneficial, the CEPA aims to create preferential terms for trade in goods and services and to facilitate investment flows between the two jurisdictions, with negotiators seeking expedited finalisation to capitalise on recent improvements in trade and investment activity.