New Delhi, Feb 19 (KNN) The Comprehensive Economic Partnership Agreement (CEPA) will open vistas of trade opportunities, both of goods and services, besides investment between India and UAE, said Dr A Sakthivel, President, Federation of Indian Export Organisations (FIEO).

He called it a historic pact which will immensely facilitate trade and investment further cementing strategic ties between India & UAE.

FIEO has expressed their support on the signing of India-UAE Comprehensive Economic Partnership Agreement (CEPA), the first in the last 12 year with a major economy. 

“Such a comprehensive agreement has been concluded in a record time, which bespeaks

of the enormous trust and confidence between the top leadership of the two countries,” Sakthivel said. 

UAE is currently India's second largest export destination next only to the US and India’s exports growth to UAE has been very encouraging in the past, added President, FIEO. 

While exact tariff concessions are not known, a CEPA with UAE will be extremely beneficial to Indian exports particularly for the labour-intensive sectors like agriculture and processed food including meat and marine products, gems & jewellery, apparel & textiles, leather & footwears etc. 

Sectors like engineering, organic chemicals, plastics, paper & paper products, iron & steel, electrical and electronics, automobile and auto components and pharmaceuticals will also benefit from this. 

The FTA will result in exponential growth in India's exports to UAE and also will open the market to other GCC countries, said FIEO Chief, as GCC countries also follow the same technical standards as applicable to UAE paving the way for greater market access to Indian goods in GCC market. (KNN Bureau)