UAE reducing tariffs on Indian goods by 90 percent: Minister of Economy

Al Marri added that the CEPA will add $9 billion to the UAE’s GDP by 2030, and could also create 140,000 jobs in the region

NEW DELHI: The Comprehensive Economic Partnership Agreement, known as CEPA, signed between the UAE and India could reduce custom tariffs between the two countries by 90 percent, Abdullah bin Touq Al Marri, UAE minister of economy, said. 

During his interview with news agency WAM, the minister noted that CEPA will increase non-oil trade from $45 billion at the end of 2021 to $100 billion annually in the next five years. 

“This historic agreement aims to increase our non-oil bilateral trade to $100 billion annually over the next five years. India is also one of the UAE’s largest investment partners, whether in terms of investments issued or received by the country,” Al Marri said. 

Bringing #CEPA to life,one initiative at a time.
UAE Minister of Economy, Abdullah Bin Touq Al Marri @Economyae and Dr. @ahmad_belhoul , Min of State for Entrepreneurship & SMEs interacted with VCs, and founders of unicorns & start-ups @FollowCII @CIIEvents, a fruitful 1st day! pic.twitter.com/dcgREaypqi

— India in UAE (@IndembAbuDhabi) May 11, 2022

Al Marri added that the CEPA will add $9 billion to the UAE’s GDP by 2030, and could also create 140,000 jobs in the region. 

He also said the agreement will increase UAE’s exports by 1.5 percent, and its imports by 3.8 percent by 2030.