Third round of India-UAE free-trade pact talks in Delhi from Dec 6-10

Senior officials of India and the UAE would meet here next week for the third round of negotiations for the proposed free-trade agreement, where both the sides aim at concluding the talks, the commerce ministry said on Friday.

Under a free-trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

Commerce and Industry Minister Piyush Goyal met the representatives of aluminium, copper, chemicals and petrochemicals sectors as part of the ongoing multi-stakeholder consultations related to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) negotiations.

"The third round of India-UAE CEPA negotiations are scheduled to be held in New Delhi on December 6-10, 2021, wherein both sides aim to conclude the negotiations," it said.

Goyal apprised the representatives about the importance of the pact in elevating the overall economic and commercial relations with UAE.

Bilateral trade between India and the UAE stood at USD 43.3 billion in 2020-21. Exports were USD 16.7 billion and imports aggregated at USD 26.7 billion in 2020-21.