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Highly favourable outcomes can be expected from India-UAE FTA: Goyal.
Dec 21, 2021

India proposes to finalise its free trade agreement (FTA) with UAE soon to further strengthen bilateral trading ties with the gulf nation. 
 
Union minister for commerce & industry, consumer affairs, food & public distribution and textiles Piyush Goyal said that highly favourable outcomes can be expected from the India-UAE Free Trade Agreement, which is in the advanced stages of negotiation and finalization.
 
'There is a lot of good news coming up, across several sectors, as we negotiate and finalize the FTA with the UAE,'the minister said during an interaction with the captains of Indian industry and heads of export promotion councils in Mumbai on Saturday.
 
The meeting was organized to discuss opportunities for Indian businesses to expand their global footprint by leveraging the business platforms and infrastructure offered by UAE.
 
During the meeting, DP World, a leading smart logistics provider-owned fully by the Government of UAE, presented the market expansion opportunities it offers to Indian businesses and exporters. The firm is setting up India Mart Traders Market, a dedicated market for Indian businesses which would enable traders and manufacturers to trade with the UAE local market and regional market.
 
The potential offered by Dubai’s Jebel Ali Free Zone (Jafza), one of the world’s leading free trade zones, was also presented to the Indian industry.
 
Speaking about the immediate UAE opportunity presented by DP World and the Government of UAE, Goyal said, 'We are looking for this to become a $10 billion opportunity for India and also showcase Brand India on the global stage.'
 
He added that India’s goal is to become the No. 1 trading partner of the UAE. 'UAE is a gateway to Gulf Cooperation Council and all of Africa,'the minister said.
 
The minister also welcomed group chairman & chief executive officer of DP World Sultan Ahmed Bin Sulayem for coming up with solutions such as the provision of low-cost finance for Indian businesses.
 
The minister thanked the exporters for participating in the deliberations to create a roadmap for expanding Indian exports not only to UAE but also using UAE as a springboard, to expand exports to GCC and other markets in Africa and elsewhere.
 
The minister shared three examples reflecting India-UAE friendship. 'For the first time ever, UAE allotted land for India to set up a temple. This is remarkable as UAE is celebrating 50th year of its formation and India is celebrating its 75th year of Independence. Secondly, UAE has committed $100 billion for investment and infrastructure creation in India. And thirdly, the UAE-India FTA will be India’s fastest negotiated FTA and the fastest-negotiated Comprehensive Economic Partnership Agreement (CEPA) ever between two nations, which also gives the maximum opportunity to India,'he said.
    
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