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The Comprehensive Economic Cooperation Agreement (CEPA) signed by India and the UAE is an important milestone in trade relations between the two countries, said V. Muraleedharan, the Minister of State for Foreign Affairs & Parliamentary Affairs.
“Bilateral relations between the two countries will be warmer with the agreement and along with this boom in trade, job opportunities would also be created” he said while speaking at the inaugural address at a workshop organized by FICCI in collaboration with the Joint Directorate General of Foreign Trade (JDGFT) on the CEPA Agreement.
India will open up more market opportunities and thereby bring huge benefits to the country’s trade and commerce sector, Muraleedharan said. The CEPA is expected to support the growth of national industries, enhance its competitiveness, accelerate the pace of adopting advanced technology and create competitive advantages in new fields.
Boost to exports
UAE will exempt 90 per cent of Indian products from import duty. He said this would give a boost to the country’s export industry. Biateral trade between the two countries will reach $ 100 billion. As the UAE is the main gateway to the Middle East and Europe, the agreement will benefit the business community in both countries. The CEPA will greatly benefit the trade, commerce and employment opportunities in Kerala, he added.
Sanjay Sudhir, Indian Ambassador to the UAE, said Kerala would reap the maximum benefits of the CEPA agreement and trade and industry should strive to maximize its potential.
Suman Billa, Principal Secretary, State Department of Commerce and NORKA said Kerala would benefit if it launches world-class and competitive products. There is a need to have more coordination of all the agencies involved in foreign trade to take maximum benefit out of CEPA.
Joint Director General of Foreign Trade, K.M. Harilal said that the agreement would open up many possibilities for the export of jewellery, spices, agricultural products, coconut oil and cashew nuts.
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