India-UAE Trade Pact to create 10 Lakh Jobs: Commerce Minister

at 8:26 pm

Mumbai: Union Commerce and Industry Minister Piyush Goyal has termed the India-UAE Comprehensive Economic Partnership Agreement, signed Friday as a landmark pact, that will open up new markets for Indian goods and services.

Addressing a press conference in Mumbai, the day after the signing of the agreement, Piyush Goyal said “India -UAE Comprehensive Economic Partnership Agreement (CEPA) will be extremely beneficial for MSMEs, Start-ups, farmers, traders and all sections of businesses.”

Speaking about the sectoral gains, he said the labour intensive industries like Textiles, Gems and Jewellery, Leather goods and footwear and food processing industry would be prominent among those to benefit the most.

Piyush Goyal asserted that the CEPA is a balanced, fair, comprehensive & equitable partnership agreement, which will give enhanced market access for India in both goods and services.

“It will create jobs for our youth, open new markets for our startups, make our businesses more competitive & boost our economy” he added.

The Minister informed that sector-wise consultations have shown that the pact will create a minimum of 10 lakh jobs for Indian citizens.

Piyush Goyal further informed that the CEPA which was finalized and singed in a record time of just 88 days, would come into force in less than 90 days, by early May.

He told the media that around 90% of products exported from India to UAE will attract zero duty with implementation of the Agreement.

80% lines of trade will attract zero duty, remaining 20% does not affect our exports much, so this is a win-win agreement, official release said.