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India-UAE pact: Goyal Invites Cos; Trade May Be $100-Billion in 5 years, $250 Billion by 2030

Union Minister Piyush Goyal (File Image: Money SHARMA/AFP)

Union Minister Piyush Goyal (File Image: Money SHARMA/AFP)

India-UAE trade currently stands at USD 60 billion; Commerce Minister Piyush Goyal said recently signed FTA is a win-win pact for both countries

Commerce and Industry Minister Piyush Goyal invited the business community from the United Arab Emirates (UAE) to capitalise on the business-friendly policies and opportunities that India is offering to global businesses. “With the cost and trust advantage that India offers, it is time to invest in India. As partners, we can secure each other’s economic future and strengthen our partnership in the post-COVID-19 world,” said Goyal, while speaking at India’s Honour Day Celebrations at Expo2020 in Dubai.

He added that the country is now at the cusp of growth and development in the years to come. “India provides talent and investor-friendly policies. In most sectors, FDI is open 100 per cent. We have several new initiatives to promote industry like the production-linked incentive scheme and the Make in India policy,” he added. “Come experience India — the land of opportunities,” he said this to the global business community.

Goyal said that the next 25 years in India will signify a strong and inclusive India. He said the word “trust” describes the India-UAE relationship. “Our ties will remain vibrant and grow from strength to strength,” said the minister.

On the recently signed India-UAE free-trade pact that is likely to come into effect from May 1 this year, the minister said the Comprehensive Economic Partnership Agreement (CEPA) is a win-win agreement for the good of the people of both the countries.

The CEPA, signed in February, aims to boost bilateral trade to USD 100 billion in the next five years, from USD 60 billion currently. Goyal on Monday said both the countries should look at taking the bilateral trade to USD 250 billion by 2030.

The minister said, “The special partnership that Prime Minister Narendra Modi and H H Sheikh Mohammed bin Zayed Al Nahyan share is legendary.”

He added that It’s a bond of eternal friendship symbolising trust and “we are natural partners due to the complementary nature of our economies and increasing trade will always showcase the synergy that the two nations have, strengthening further, our bonds”.

On the grand success of Dubai Expo, the minister said it is victory of courage over adversity. “The Expo will go down in history as a memorable chapter where the two brothers came closer. It will conclude but the memories will remain. The India Pavilion is going to be a permanent structure; it is not going to be dismantled. It will stand as a testimony to our two countries working towards the collective good of the people.”

One of the largest and most iconic pavilions at Expo2020 Dubai, the India Pavilion, which was inaugurated by Goyal, witnessed over 16 lakh footfalls since its inauguration on October 1, 2021. The Expo2020 Dubai is concluding on March 31.

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first published:March 30, 2022, 13:18 IST