After Russia, India will start trading in rupee with UAE, Malaysia and Nigeria!
Free trade agreement between India and UAE, know what it means……..
Talks between India and UAE formally started in September last year regarding this mega deal. This agreement has been signed with the aim of taking the trade between the two countries to a new height.
A Free Trade Agreement (FTA) has been signed by India and the United Arab Emirates (UAE) on Friday. Both countries made this agreement to promote bilateral trade and economic relations.
Commerce and Industry Minister Piyush Goyal and UAE Finance Minister Abdullah bin Tuq Al Marri signed the Comprehensive Economic Partnership Agreement (CEPA). The trade agreement was signed during a virtual conference
After signing the agreement, Goyal said to the media that it is a comprehensive and balanced trade agreement. Goyal said, “This will create huge business opportunities for both the sides. This agreement will help in doubling our bilateral trade.”
In an official press release, it has been said that Indian and UAE businesses will get huge benefits from the agreement. It has been said in the release that this agreement will help in increasing market access and reducing tariffs. It is expected that the trade between the two countries will reach $ 100 billion in the next five years from CEPA, which is currently at $ 60 billion.
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