UAE Minister of Economy Abdulla bin Touq Al-Marri will lead a high-level business delegation this week to India. The visit from May 11-15 will is scheduled to discuss ways to further trade and investments between the two nations. It will assume significance as both countries implemented the Comprehensive Economic Partnership Agreement (CEPA) on May 1.
In the next five years, CEPA is expected to double bilateral trade from US$60 billion to US$100 billion. The duty-free access to the UAE market will be availed by the domestic exporters in various sectors like textiles, agriculture, jewellery and dry fruits under the trade agreement.
The official said, “It will be an important visit as we have implemented the free trade pact”. Minister from Small and Medium Enterprises from UAE will also be part of the delegation. They will visit Delhi and Mumbai to hold discussions with industry leaders. The 70-member delegations will represent different sectors like food, sovereign wealth funds, special economic zones, and aviation.
On average, India will benefit from preferential market access provided by the UAE on over 97% of its tariff lines (or goods) accounting for 99% of Indian exports to the UAE, especially in labour-intensive sectors such as textiles, sports goods, leather, footwear, plastics, furniture, and engineering products.