The Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE will create one million jobs in India in the coming years, India’s Minister of Commerce and Industry Piyush Goyal said on Friday.
The two countries signed the agreement on Friday during a virtual summit on Friday, between Prime Minister Narendra Modi and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
“As we grow our bilateral trade to $100 billion, at least 10 lakh (one million) jobs opportunities for youngsters will open up,” said the minister.
He said some of the major sectors that will benefit in India are gems and jewellery, textiles, leather, sports goods, plastics, furniture, agricultural products, engineering products, medical equipment, pharmaceuticals to mention a few.
Goyal said the economic agreement has immense potential for further strengthening and diversifying their trade basket for both the countries. The UAE will have access to the huge consumer market of India, the minister said and in various area of their strengths particularly metals, petrochemical, etc.
Sharing some of the highlights of the agreement, Goyal said the UAE has graciously accepted that once medicines manufactured in India is accepted by other developed countries like the US, Europe, Canada after thorough regulatory process, will get market access and regulatory approval in the UAE within 90 days.
Calling the painstaking efforts to conclude CEPA a ‘labour of love’ Goyal said it is a complete and comprehensive economic partnership covering a wide array of subjects free trade, digital economy, and other strategic aspects. He said it was finalised in the “shortest period of time ever in history.”
The negotiations started five months ago. He said it is done in a spirit of brotherhood understanding each other’s sensitivities. The CEPA will also offer a template for future partnership deals with other partners of India, said Goyal.
At a time when India is celebrating its 70th year of Independence and the UAE its Golden Jubilee, the minister said it is time to “reset our relationship and taking it to greater levels than ever before.”
“UAE and India are natural partners. We complement each other. There is hardly any element of competition between these two mature economies.” He said that is truly a defining factor that helped to conclude the comprehensive economic partnership.
