According to media sources, talks are underway for an FTA (Free Trade Agreement) by May-June to enhance business opportunities between the GCC countries and India
After successful business engagement with UAE and Australia, India is poised to enter into a new phase of engagement with all the six GCC (Gulf Cooperation Council) countries.
According to media sources, talks are underway for an FTA (Free Trade Agreement) by May-June to enhance business opportunities between the GCC countries and India.
India and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) on 18 February. This was the first FTA finalised by the Narendra Modi government since it came to power in 2014. As per the current deal there would be zero-duty access to 90 per cent Indian products, and 65 per cent products from the UAE.
GCC is a hub of Indian diaspora. This is the second-largest migration corridor in the world. Out of nearly 31 million NRIs, an estimated 8.5 million are working in the Gulf
Over the next 10 years, 97 per cent of Indian products and 90 per cent of products from the UAE will get zero-duty access in the respective countries.
The pan-GCC Free Trade Agreement would facilitate ease of doing business between India and GCC partners Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
GCC is a hub of Indian diaspora. This is the second-largest migration corridor in the world. Out of nearly 31 million NRIs, an estimated 8.5 million are working in the Gulf.
“The India-United Arab Emirates free trade agreement (FTA) will allow easier movement of services professionals between the two countries,” said UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, in an Interview with Hindustan Times.
“Through CEPA, the UAE businesses will now have improved access to the world’s fifth largest economy, favourable tariffs in key export sectors, and greater market access for our services sector. According to our models, this deal will add $9 billion to UAE’s gross domestic product (GDP) by 2030.The last two years have posed a number of serious challenges to the global economy, with the pandemic having particular consequences for supply chains, logistics, aviation, travel and tourism—all sectors critical to the UAE,” he said.
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