Abu Dhabi: With the entry into force of the India-UAE Financial Agreement, expats are getting many benefits. The main advantage of the agreement is that the customs duty will be reduced by 80 per cent and the prices of daily necessities will be reduced. The India-UAE Comprehensive Economic Partnership Agreement (CEPA) CEPA will come into force on May 1. Trade between the two countries is projected to grow from the current $ 6 trillion (Rs 4.5 trillion) to $ 10,000 trillion (Rs 7.5 trillion) in five years. UAE Minister of Foreign Trade Thani Al Sayoudi made the announcement on Twitter.
The agreement will pave the way for new trade, investment and employment opportunities in both countries. “India-UAE Comprehensive Economic Partnership Agreement (CEPA) is an important milestone in bilateral relations,” he said. S. Jayashankar described. The UAE is India’s third largest trading partner. The UAE accounts for 40% of India’s trade with the Arab world. The agreement covers goods, services, laws, customs procedures, procurement, intellectual property and e-commerce. The agreement with the UAE, the gateway to Africa and the rest of the world, will be of great benefit to both countries.
The agreement was signed in New Delhi on February 18 after a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince and Deputy Commander-in-Chief of the UAE Sheikh Mohammed bin Zayed Al Nahyan. These are the benefits associated with the contract Production sectors in the pharmaceuticals, medical equipment, agricultural technology, steel and aluminum sectors will have special economic zones. UAE companies will have special facilities to invest in India and Indians in the UAE. Exports of furniture and jewelery will increase. An expert committee will be appointed to look into the doubts of traders and investors. Trade between the two countries and exports will increase