Reuters, New Delhi :
India and United Arab Emirates plan to conclude a Comprehensive Economic Partnership Agreement (CEPA) by the end of the year with the aim to lift trade between the two countries by 70% in five years, trade ministers of both countries said.
India’s Trade Minister Piyush Goyal said on Wednesday both countries would also aim to sign an “early harvest” trade deal soon, before concluding the CEPA, which is likely to be implemented by March 2022.
“A new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion within five years of the signed agreement,” the ministers said in a joint statement released on Wednesday.
India is looking to boost exports through trade relationships and new pacts with a number of countries to revive its economy. With nearly $60 billion of bilateral trade, UAE is already India’s third-largest trading partner.
