India’s Ministry of Commerce has stated that the senior officials from the country and the UAE will meet next week for the third round of negotiations on the planned free-trade agreement with both parties aiming to conclude the talks.
Under the free-trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. They also liberalize standards in order to promote service trade and investment.
As part of the ongoing multi-stakeholder discussions on the India-UAE Comprehensive Economic Partnership Agreement (CEPA) negotiations, India’s Commerce and Industry Minister Mr. Piyush Goyal met with representatives from the aluminum, copper, chemicals, and petrochemicals sectors.
“The third round of India-UAE CEPA negotiations are scheduled to be held in New Delhi on December 6-10, 2021, wherein both sides aim to conclude the negotiations,” the Commerce and Industry Ministry said in a statement.
Mr. Goyal briefed the representatives about the significance of the agreement in strengthening overall economic and commercial ties with the UAE. “Further, industry representatives were also apprised of the strategic importance of the agreement which encompasses deeper bilateral economic engagement and wider market access,” he said.
The first round of CEPA negotiations between the two parties began in September. The initial talks signal a new phase in the two countries’ strategic cooperation and, the effort will extend economic and investment horizons and enhance bilateral trade relations with India.
The UAE and India have a long-standing, mutually beneficial partnership that is based on strong cultural links and a shared commitment to economic progress and human welfare. According to the reports, “Bilateral trade between India and the UAE stood at $43.3 billion in 2020-21. Exports were $16.7 billion and imports aggregated at $26.7 billion in 2020-21.”
