UAE Economy Minister Abdulla bin Touq Al Marri will lead a high-level business delegation to India this week to discuss ways to further promote trade and investment between the two countries, an official said.
The visit, from May 11-15, is significant as the two countries implemented the Comprehensive Economic Partnership Agreement (CEPA) on May 1.
The Minister of Small and Medium Enterprises of the United Arab Emirates is also part of the delegation.
“It will be an important visit because we have implemented the free trade pact,” the official said.
CEPA is expected to increase bilateral trade to USD 100 billion over the next five years from USD 60 billion currently.
Under the trade agreement, domestic exporters from various sectors such as textiles, agriculture, dried fruits, gemstones and jewelry enjoy duty-free access to the UAE market.
The delegation will travel to Delhi and Mumbai and hold talks with industry leaders.
The nearly 70-member delegation represents different sectors such as food, special economic zones, sovereign wealth funds and aviation.
The United Arab Emirates is one of India’s major trading partners and the country is a gateway to the Middle East, North Africa, Central Asia and Sub-Saharan Africa.
Overall, India will benefit from the preferential market access granted by the UAE on over 97% of its tariff lines (or goods), which accounts for 99% of India’s exports to the UAE in terms of of value – especially in labour-intensive sectors. such as textiles, leather, footwear, sporting goods, plastics, furniture and engineered products.
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