India and the United Arab Emirates (UAE) are all set to sign a trade and investment agreement on Friday at a virtual summit attended by the countries’ two leaders, Reuters reported.

Prime Minister Narendra Modi and the de facto leader of the UAE Mohamed bin Zayed Al Nahyan will witness the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India.

The agreement “will usher in a new era of economic cooperation and open greater avenues for trade and investment”, the UAE state news agency WAM reported on Wednesday.

The two countries had officially launched negotiations on the pact in September last year, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA).

Under the agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they liberalize standards to improve trade in services and stimulate investment. This would be the second such agreement signed by the current government.

Bilateral trade between India and UAE stood at USD 43.3 billion in 2020-21. Exports amounted to USD 16.7 billion and imports to USD 26.7 billion in 2020-21. Last week, Trade and Industry Minister Piyush Goyal said “we hope to make announcements very soon” on the India-UAE trade deal.

Earlier, he said that the UAE is a gateway to all of Africa and many other parts of the world. The UAE also has a huge Indian diaspora and a large market for products like textiles, gems and jewelry, leather, footwear and food products, which are labour-intensive sectors, he said. -he declares.

Meanwhile, in February last year, India had signed the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius.

(With agency contributions)

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