https://arab.news/y2kue
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.
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.