Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said that notwithstanding the initial target envisioned under the India- UAE CEPA, which was USD 100 billion, it was possible to achieve a trade of USD 250 billion in Goods and Services by 2030. He was addressing the gathering at the ‘World Government Summit_Sparking the Growth of Emerging Economies’ in Dubai today.
Responding to a question on India-UAE Comprehensive Economic Partnership Agreement, Shri Goyal said that India looks upon UAE as a friend, as someone who has always stood by India. Speaking of the huge Indian diaspora in UAE, Shri Goyal said that they were very well taken care of by the UAE government during COVID. He emphasized that the relation between India and UAE extended far beyond the dimension of trade. The mutual trust and respect and the cultural affinity between the two nations in truly unique, he added.
Ever since CEPA was announced, he had, Shri Goyal said, engaged extensively with businesses from both nations. He said that India Gems and Jwellery Export Promotion Council aspired to triple their exports to UAE. He added that the enthusiasm among trade bodies, industry associations and Export Promotion Councils about the India-UAE CEPA was encourging.
Terming Services export as a huge opportunity for India when it comes to UAE, the Minister said that it was a largely untapped segment. Speaking of India’s booming startups, especially in fintech, agritech, edutech, healthtech etc, he said that UAE’s status as an emerging financial hub would help hasten investments in India, especially in these sectors.