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Terming the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed last week ‘a landmark pact’, Indian commerce and industry minister Piyush Goyal recently said it will open up new markets for Indian goods and services. The government looks forward to conclude a similar agreement with the Gulf Cooperation Council (GCC) countries this year, he said.
The agreement will prove extremely beneficial for micro, small and medium enterprises (MSMEs), start-ups, farmers, traders and all sections of businesses, he said.
Addressing a press conference in Mumbai, the minister said labour-intensive industries like textiles, gems and jewellery, leather goods and footwear, and food processing would be prominent among those beneficiaries.
Terming the India-UAE Comprehensive Economic Partnership Agreement signed last week ‘a landmark pact’, Indian commerce and industry minister Piyush Goyal recently said it will open up new markets for Indian goods and services. The government looks forward to conclude a similar agreement with the Gulf Cooperation Council (GCC) countries this year, he said.
“It will create jobs for our youth, open new markets for our startups, make our businesses more competitive & boost our economy” he was quoted as saying in an official release. The pact will create a minimum of 10 lakh jobs for Indians.
As UAE is a trading hub, the agreement will help offer India market entry points to Africa, the Middle East and Europe, he said.
GCC is a union of six countries in the Gulf region—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain with a combined nominal gross domestic product of $1.6 trillion.
Fibre2Fashion News Desk (DS)
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