'SMEs and startups will benefit from India-UAE CEPA', says FICCI

The CEPA signed between India and UAE on Friday will lead to opening doors to new opportunities for trade and investments between two countries and benefit SMEs and startups, FICCI said on Saturday.

The Comprehensive Economic Partnership Agreement (CEPA) signed between India and the United Arab Emirates on Friday will lead to opening doors to new opportunities for trade and investments between the two countries and benefit small and medium enterprises (SMEs) and startups, industry body FICCI said on Saturday.

"We in FICCI applaud the leadership of our two countries in making CEPA a reality in record time, even amid a pandemic. There are many areas that will benefit from this agreement. However, one area of great mutual interest in innovation and startups, led by technology-driven processes," said Sanjiv Mehta, President, Federation of Indian Chambers of Commerce and Industry (FICCI).

"We can visualise partnerships in health-tech, edu-tech, fin-tech, Industrial Revolution 4.0 and many more areas. Indian Industry feels such engagements will also help in tapping global opportunities together, particularly in the GCC and African markets," Mehta said in a statement.

India and UAE on Friday signed the Comprehensive Economic Partnership Agreement (CEPA) and set a target to boost merchandise trade between the two countries to $100 billion over the next five years.

The deal was signed during the virtual summit meeting between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.