India, UAE plan to lift bilateral trade to $100 billion in 5 years via new pact
According to both nations ‘ trade ministers, India and the United Arab Emirates plan to sign a Comprehensive Economic Partnership Agreement (CEPA) by the end of the year to increase bilateral trade by 70% in five years.
Before concluding the CEPA, India’s Trade Minister Piyush Goyal stated on Wednesday that the two nations will strive to complete an “early harvest” trade deal as soon as possible. The CEPA is expected to go into effect in March 2022.
“Bilateral trade in products is expected to expand to $100 billion within five years after the signing of a new strategic economic agreement,” the ministers said in a joint statement released on Wednesday.
Petroleum and petroleum products, precious metals, stones, gems and jewelry, minerals, chemicals, and wood and wood products are among India’s main imports from the UAE.