India, UAE free trade pact holds huge potential to boost trade, investment: Piyush Goyal

The proposed free trade agreement between India and the UAE holds huge potential for both the countries to boost trade and investment, and the investors here are "very" positive about doing business in the Indian market, Union Minister Piyush Goyal said on Friday.

Last month, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA).

"I see a huge potential in this (FTA) between the two countries. The UAE is a gateway to all of Africa and many other parts of the world. UAE also has a huge Indian diaspora, has a huge market for products like textiles, gems and jewellery, leather, footwear, and food products, which are labour oriented and provide economic opportunities.

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"I think the partnership will be a win-win for both the countries," the Commerce and Industry Minister told reporters here.

Both sides have expressed a desire to reach a mutually beneficial economic deal and aim to conclude negotiations by December 2021, and sign a formal agreement in March 2022 after the completion of internal legal procedures and ratification.

Talking about Dubai Expo 2020, Piyush Goyal said it is an outreach to the whole world to showcase a new India and emerging technologically driven self-confident India.

It would also showcase an India that will become an engine for growth for the whole world and which is willing to engage with any competition on equal terms.

He added that huge opportunities present in India would be showcased at the Expo.

Dubai Expo 2020, starting October 1, will be a significant platform for India to showcase its vibrant culture and tremendous growth opportunities for the next six months.

The India Pavilion will be inaugurated by the minister on Friday.

In keeping with the themes of the Expo, visitors will get a glimpse of Indian innovations and successes in the fields of space technology, robotics, electric mobility, edu-tech, ecommerce, energy, cybersecurity, healthcare, cryptocurrency, and blockchain.

At a time when the whole world is coming together to recover from the pandemic and bring growth back on track, a resurgent India is ready to take on the responsibility of being the frontrunner in this revival process, Goyal said.

The India Pavilion, which has been developed over an area of 4,000 sq metres, will showcase a modern, robust India — high on technology, while simultaneously exhibiting the beauty of Indian art, culture, and cuisine during the 183-day event.