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UAE Minister of Economy to lead high-level business delegation to India

UAE's minister for small and medium enterprises is also part of the delegation.

United Arab Emirates | trade

Press Trust of India  |  New Delhi 

Photo: Bloomberg
Photo: Bloomberg

UAE Minister of Economy Abdulla bin Touq Al Marri will be leading a high-level business delegation to India this week to discuss ways to further promote and investments between the two countries, an official said.

The visit, from May 11-15, assumes significance as both the countries have implemented the Comprehensive Economic Partnership Agreement (CEPA) on May 1.

UAE's minister for small and medium enterprises is also part of the delegation.

"It will be an important visit as we have implemented the free pact," the official said.

The CEPA is expected to boost bilateral to USD 100 billion in the next five years from USD 60 billion at present.

Under the trade agreement, domestic exporters in various sectors like textiles, agriculture, dry fruits, gems and jewellery are availing duty-free access to the UAE market.

The UAE is one of the largest trading partners of India and that country is a gateway to the Middle East, North Africa, Central Asia and sub-Saharan Africa.

Overall, India will benefit from preferential market access provided by the UAE on over 97 per cent of its tariff lines (or goods), which account for 99 per cent of Indian exports to the UAE in value terms -- particularly from labour-intensive sectors such as textiles, leather, footwear, sports goods, plastics, furniture, and engineering products.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sun, May 08 2022. 13:14 IST