Indian Ambassador to the United Arab Emirates (UAE), Sunjay Sudhir on Sunday expressed confidence over the rise in bilateral trade between the two countries after the signing of the free trade agreement, India-UAE Comprehensive Economic Partnership Agreement (CEPA).
"Today, both UAE and India are among the top three trading partners of each other and our bilateral trade is almost USD 60 billion. This is expected to reach USD 100 billion in the next five years," Sudhir toldwhen asked about his expatiations from CEPA.
Sharing the details of benefits India is going to rope in from the agreement, Ambassador said, "This is going to open new areas of trade. Our exports are about USD 26 million and 90 per cent of those exports will automatically become zero duty on the day CEPA is implemented."
"On an average, there is about five per cent customs duty which will go down to zero. We will have a big advantage as compared to other competitors," said Sudhir.
The benefits of CEPA to India is not only limited to exports but it will also pave the way for more foreign investment from Gulf country, assured ambassador.
"A lot of labour-intensive areas will be benefited from this agreement. Jewels, leather goods, textile, engineering products and sports products will benefit from it. This will also increase Foreign Investment in India. In the last seven years, the amount of foreign investment has increased and UAE is among the major investors from Gulf countries. This will be increased further," said Sudhir.
The comments have been made in the backdrop of Dubai Expo 2020.
The six-month-long Dubai Expo that commenced in October last year witnessed the participation of as many as 192 countries.
The Indian government had said that Dubai Expo 2020 will be a significant platform for India to showcase its vibrant culture and tremendous growth opportunities for the next six months.
Fifteen states and nine central ministries from India are participating in this expo, which will be ending on March 31, 2022.
( With inputs from ANI )
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