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19 February 2022, Mumbai:
Additional $2 Bn textile exports seen of which $650 Mn is MMF (MAN MADE FABRIC)
FTA aimed at increasing bi-lateral trade to 100$ Bn in 5 years, up from $60 Bn now.
Piyush Goyal: Safeguards put in place to prevent misuse.
India and the UAE signed on Friday a comprehensive economic partnership agreement, which will allow duty-free export of food products, textiles, gems & jewellery and pharma while giving easier access to Indian workers in high skill sectors to Emirates.
The deal signals the government's intent to return to signing FTAS as it seeks to push exports and the movement of Indian professionals.
ALSO READ: FTAs: Garments could form part of early harvest in trade talks with different countries
90% of India's exports to see zero duty from the date the agreement is implemented.
This will include.
> Textiles
'Doors will open for Indian exporters'
We expect this agreement to add at least 0.7% to India's GDP. It will have huge impact on our GDP as well, around 1.7%, while creating around 140,000 jobs in our market and more than a million in India
-Thani bin Ahmed Al Zeyoudi UAE'S MINISTER OF STATE FOR FOREIGN TRADE
CREDITS: TOI Dt 19-02-2022
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