India UAE Agreement: India-UAE Economic Pact: Customs Spending Between The Two Countries Will Be Reduced By 90 Per Cent

India UAE Agreement: India-UAE Economic Pact: Customs Spending Between The Two Countries Will Be Reduced By 90 Per Cent
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Dubai: Customs expenditure between the two countries will be reduced by 90 per cent in the context of the India-UAE Comprehensive Economic Cooperation Agreement (CEPA) CEPA. UAE Finance Minister Abdullah bin Tawq Al Marri has said that customs costs will be reduced by 90 percent and that non-oil trade will boom. Non-oil revenues are expected to reach $ 100 billion in the next five years.

UAE exports are expected to grow by 1.5 per cent and imports by 3.8 per cent. Tariffs will be reduced and eliminated altogether. Markets will be expanded. Opportunities will be created in key areas such as aviation, environment, hospitality, logistics, investment, construction, financial services and digital commerce. It will be very useful for small and medium enterprises and the private sector. He added that 1.40 lakh new jobs would be created.
An 80-member delegation led by Minister Abdullah bin Tawk has arrived in Delhi to discuss the agreement. He held talks with Union Commerce Minister Piyush Goel. Talks are also being held in Mumbai the next day. Ahmed Al Falasi, Minister of State for the UAE, Ahmed Al Banna, Ambassador of the UAE to India, Sanjay Sudhir, Ambassador of India to the UAE, Abdullah Al Masroi, Chairman, Abu Dhabi Chamber Yusufali is also in the group.

The UAE is expected to sign eight agreements this year in an effort to sign similar agreements with different countries. The signing of the first agreement with India signifies the strong relationship between the two countries. The agreement will increase bilateral trade and increase the UAE’s GDP by 1.7 percent by 2030.

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