India, UAE aim to conclude trade pact talks next week

India and the UAE aim to conclude the negotiations for a free trade pact next week when the two sides meet for the third round of talks in New Delhi, the government said on Friday after commerce and industry minister Piyush Goyal met representatives of aluminium, copper, and chemicals and petrochemicals industry as part of the ongoing stakeholder consultations.

“The third round of India-UAE CEPA negotiations are scheduled to be held in New Delhi on December 6-10 wherein both sides aim to conclude the negotiations,” the commerce and industry ministry said in a statement.

As per the statement, Goyal apprised the representatives from the Industry about the importance of the Comprehensive Economic Partnership Agreement

(CEPA) in elevating the overall economic and commercial relations with UAE which will “not only benefit bilateral trade but also create new jobs and provide wider social and economic opportunities”.

The two sides had kick-started the first round of the negotiations on the CEPA in September.

Providing a way forward on these discussions, Goyal urged the industry representatives to continue to support the CEPA negotiations in the same spirit in the wider interests of the nation contributing to the holistic development of multi-sectoral economic value chains in the country.

The minister also stressed on the potential benefits from the envisaged CEPA agreement for industries which are labour intensive in nature and also on the numerous complementary spill over economic benefits, including increased investments, job creation, and employment opportunities, according to the statement.

“Further, industry representatives were also apprised of the strategic importance of the agreement which encompasses deeper bilateral economic engagement and wider market access,” he said.

The stakeholders expressed provided constructive inputs with a view to ensure overall balance between market access and domestic sensitivities.