CEPA is expected to be completed by the end of next month between India and the United Arab Emirates
14 December 2021, Mumbai:
India and the UAE are expected to complete the Comprehensive Economic Partnership Agreement (CEPA) by next month, according to Union Textile Minister Piyush Goyal.
"Hopefully by the end of this month or next month, we expect to finalize them (the discussions) so that this would probably be one of the fastest trade deals between two nations ever negotiated," he said through video conference to the India Global Forum, UAE-2021.
He also stated that the deal will be a win-win situation for both countries since it will "give market access to each other." Some of the provisions of the agreement are groundbreaking, especially for both countries.
It's worth noting that the UAE is a key market for Indian garment exporters, and CEPA will help them as well. According to the Minister, the Indian economy has been able to "essentially recover" from the recession it experienced last year as a result of the "extremely harsh lockdown" enforced to combat the epidemic.
"We've been able to look at extremely attractive growth rates; in the second quarter, July-September, we grew at 8.4%, which is one of the fastest growth rates in the world today," he continued.
Our investments are at an all-time high, and we've just seen some of the biggest FDI or FPI in the country. Indian enterprises are demonstrating more consistent and profitable growth. Our exports have been at an all-time high in recent months, both in terms of product and services."
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