India’s Minister for Commerce and Industry, Mr. Piyush Goyal, along with industry leaders in Mumbai and heads of Export Promotion Councils, looked into ways to make use of opportunities available for them to grow their global footprint by strengthening business platforms and infrastructure offered by the UAE.
During the discussion with the industrialists and export facilitators in India’s commercial capital, Mr. Goyal noted that “UAE is the gateway to the GCC and to all of Africa. Our goal is to become the number one trading partner of the UAE.”
The Minister also highlighted the favorable outcomes to be expected from the India-UAE Comprehensive Economic Partnership Agreement (CEPA) which is in the advanced stages of negotiation.
“There is a lot of good news coming up, across several sectors, as we negotiate and finalize this agreement with the UAE,” Mr. Goyal stated.
Further, the Minister shared three undercurrents reflecting the present state of India-UAE friendship. The UAE is celebrating the 50th year of its foundation and India is celebrating the 75th year of its independence. Secondly, UAE has committed $100 billion for investment and infrastructure creation in India.
Finally, the UAE-India CEPA will be India’s fastest-negotiated Free Trade Agreement (FTA) and the fastest-negotiated CEPA ever between two nations, which also gives the maximum opportunity for Indian business.
During the discussions, Mr. B. Thiagarajan, Chairman for the Western Region of the Confederation of Indian Industry (CII), said, “India-UAE bilateral relations have led to tremendous growth in the past few years and created a framework for strategic partnerships.”
Representatives of the Engineering Export Promotion Council India, the Gem and Jewellery Export Promotion Council, the Tea Board of India, the Cotton Textile Export Promotion Council, the Spices Board, the Retailers Association of India, the Apparel Export Promotion Council, the Plastic Export Promotion Council and the Clothing Manufacturers Association of India attended the interaction. In addition, more than 100 companies joined the conference virtually.
