(MENAFN- Trend News Agency ) India and the United Arab Emirates (UAE) have officially launched negotiations for a free trade agreement, the first round of talks for which are set to begin on Thursday. According to Union minister of commerce and industry Piyush Goyal, the two countries are aiming to conclude the trade talks by the end of the year and sign a mutually beneficial Comprehensive Economic Partnership Agreement (CEPA) by March 2022, after the completion of the legal paperwork and ratification.
Union minister Piyush Goyal met Thani bin Ahmed Al Zeyoudi, the UAE minister for foreign trade, in this regard on Wednesday and held talks aimed at improving bilateral economic relations, including the expanding of existing trade and investment relationships. According to an official statement, both the ministers expressed a desire to reach a mutually beneficial economic deal, building upon the progress made by both India and the UAE under the Comprehensive Strategic Partnership signed in 2017.
The CEPA deal is expected to create new jobs, raise the living standards, and provide wider social and economic opportunities in both nations. A new strategic economic agreement is expected to increase the bilateral trade in goods to $100 billion within five years of the signed agreement and increase trade in services to $15 billion.
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