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India, UAE Free Trade Agreement holds great potential for boosting trade, investment: Piyush Goyal

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Piyush Goyal said that India-UAE partnership will be a win-win for both the countries.

Dubai: Union Minister Piyush Goyal on Friday said the proposed free trade agreement between India and the United Arab Emirates has great potential to boost trade and investment for both the countries and investors here are very positive about doing business in the Indian market.

Last month, India and the United Arab Emirates (UAE) formally began negotiations on the agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA).

“I see a huge potential in this (FTA) between the two countries. UAE is a gateway to the whole of Africa and many other parts of the world. UAE also has a huge Indian diaspora, a huge market for products like textiles. Gems and jewellery, leather, footwear and food products, which are labor oriented and provide economic opportunities.

“I think the partnership will be beneficial for both the countries,” the commerce and industry minister told reporters.

Both sides have expressed their desire to reach a mutually beneficial economic agreement and aim to conclude negotiations by December 2021 and sign a formal agreement in March 2022 after the completion of internal legal processes and ratifications.

Talking about the Dubai Expo 2020, Goyal said that it is an outreach to the entire world to showcase a New India and an emerging technologically driven confident India.

It will also showcase an India which will become the engine of growth for the whole world and which is ready to participate in any competition on equal terms.

He said that the expo will showcase the vast opportunities that exist in India.

The Dubai Expo 2020, which begins on October 1, will be an important platform for India to showcase its vibrant culture and tremendous growth opportunities for the next six months.

The minister will inaugurate the India Pavilion on Friday.

In keeping with the themes of the expo, visitors will get a glimpse of Indian innovations and breakthroughs in the fields of space technology, robotics, electric mobility, edu-tech, e-commerce, energy, cyber security, healthcare, cryptocurrency and blockchain.

At a time when the entire world is coming together to overcome the pandemic and bring development back on track, a resurgent India is ready to take the responsibility of being at the forefront of this revival process, Goyal said.

The India Pavilion, which has been developed over an area of ​​4,000 square metres, will showcase a modern, robust India – high technology, as well as the beauty of Indian art, culture and cuisine during the 183-day event.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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