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Minister of State for Commerce and Industry Anupriya Patel has said the bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of the implementation of the India-UAE free trade agreement. 

India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) on the sidelines of the India-UAE Virtual Summit held on February 18. Patel said the India-UAE CEPA is a comprehensive and balanced partnership agreement that will give enhanced market access for India in both goods and services. 

She said that the UAE has offered immediate market access at zero duty from Day 1 of the entry into force of the agreement to products accounting for around 90 per cent of India’s exports to the UAE in value terms. As regards trade in services, the UAE has offered market access to India in around 111 sub-sectors from the 11 broad service sectors.