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Updated March 27th, 2022 at 20:57 IST

India's envoy to UAE asserts bilateral trade would cross USD 100 Bn mark in next 5 years

Sunjay Sudhir, India's ambassador to the UAE expressed optimism about the growth of bilateral commerce between the two nations after signing CEPA.

Reported by: Aakash Ghosh
India
Image: ANI | Image:self
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In a key development, Sunjay Sudhir, India's ambassador to the United Arab Emirates (UAE) on Sunday expressed optimism about the growth of bilateral commerce between the two nations following the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) earlier in the day.

When asked about his expectations from CEPA, Sunjay Sudhir exuded confidence in the agreeement and stated, “Today, both UAE and India are among the top three trading partners of each other and our bilateral trade is almost USD 60 billion. This is expected to reach USD 100 billion in the next five years.” 

"This is going to create new avenues of trade," the Ambassador said, while elaborating on the benefits India will garner from the pact. “Our exports total over USD 26 million, and 90% of those shipments will be duty-free on the day CEPA goes into effect." he further added.

15 Indian states & 9 national ministries to be featured at Dubai Expo 2020 

It is pertinent to mention here that the remarks were made in the backdrop of the ongoing Dubai Expo 2020. The six-month-long event, which commenced back in October last year, drew 192 countries from all over the world. Meanwhile, the Indian government has stated that Dubai Expo 2020 will be an important platform for India to exhibit its vibrant culture and great growth potential. This exhibition, which will run till March 31, 2022, will feature fifteen Indian states and nine national ministries partaking in it. "On average, there is roughly 5% customs charge, which will be reduced to zero. In comparison to our competition, we will have a significant edge," Sudhir stated.

CEPA to attract more foreign investment from the gulf: Envoy

It should be noted here that the benefits of CEPA for India are not confined just to exports alone; the ambassador further guaranteed that it will also pave the way for more influx of foreign investment from Gulf countries. "This deal will assist a lot of labour-intensive sectors." It will benefit jewellery, leather items, textiles, engineering products, and sports items. This will also boost India's foreign investment. The quantity of foreign investment has increased in the last seven years, and the UAE is one of the leading Gulf investors, he said. "This will be enhanced even more," Sudhir stated.

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Published March 27th, 2022 at 20:57 IST

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