India and UAE commence talks on FTA to be signed by March 2022

Friday, 24 September 2021 09:53:05 (GMT+3)   |   Kolkata

India and United Arab Emirates (UAE) commenced negotiations on a Free Trade Agreement (FTA) on Thursday, setting target of completing it by early December and signing a pact by March 2022, minister of commerce Piyush Goyal said on Friday, September 24.

He said that it will be the first FTA to be conclude by India in over a decade.

The proposed FTA, to be formally called Comprehensive Economic Partnership Agreement (CEPA) will target to increase bilateral merchandise trade to $100 billion in five years from about $43 billion in 2020-21 and also aim to more than double bilateral services trade to $15 billion during this period.

UAE was India’s second-biggest goods export market until fiscal 2019-20 behind only the US, before China emerged in 2020-21 when the pandemic caused severe disruptions in trade.

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