India-UAE trade under CEPA can touch $250 bn by 2030: Indian minister

30 Mar '22

1 min read

Pic: Twitter/Piyush Goyal

Notwithstanding the initial $100-billion target envisioned under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), it is possible to achieve trade worth $250 billion in goods and services by 2030, Indian minister for commerce and industry Piyush Goyal told the ‘World Government Summit: Sparking the Growth of Emerging Economies’ in Dubai yesterday. India-UAE CEPA will be operationalised on May 1, 2022.

Goyal also holds the portfolios of consumer affairs, food and public distribution, and textiles.

He emphasised that the relation between India and the United Arab Emirates extends far beyond the dimension of trade, according to an official release.

Listing gems and jwellery, textiles and leather products, pharmaceuticals, steel and petrochemicals as the top five sectors with the greatest potential for growth in the CEPA, he said India’s Gems and Jwellery Export Promotion Council aims to triple its exports to UAE.

Terming services export as a huge opportunity for India when it comes to UAE, the minister said that it was a largely untapped segment.

He also announced that the India Pavilion in Dubai, which crossed the milestone of 1.7 million footfalls last week, will remain a permanent one there.

Fibre2Fashion News Desk (DS)

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