Thread by @PIBMumbai

Union Minister for Commerce & Industry @PiyushGoyal is addressing a press conference in Mumbai, on #IndiaUAECEPA

Watch LIVE:

Catch LIVE updates here on @PIBMumbai

@PiyushGoyal #IndiaUAECEPA is a landmark partnership between two nations whose political leadership and businesses share very strong bonds going back many years in history, the CEPA is extremely beneficial for MSMEs, startups, farmers, traders and all sections of businesses: @PiyushGoyal

@PiyushGoyal #IndiaUAECEPA stood like a rock behind India during #COVID19 pandemic, the Govt. of UAE took very good care of Indian diaspora in the country, like family; not even one person gave a distressed call wanting to return to India - Union Minister @PiyushGoyal

@PiyushGoyal India provided significant assistance in form of food articles and medicines to UAE during #COVID19 pandemic, the bilateral relationship became stronger during this period - @PiyushGoyal #IndiaUAECEPA

@PiyushGoyal PM @narendramodi and Crown Prince of UAE had launched Comprehensive Strategic Partnership in 2017; also, in 2019, Govt. of UAE decided to invest around Rs. 5 lakh crore in India

Amidst #COVID19, the two nations decided to enter into a CEPA - Commerce Minister @PiyushGoyal

@PiyushGoyal @narendramodi #IndiaUAECEPA was finalized in but 88 days; the finalization of the 880-page document is a big achievement for both nations, will boost economies of both nations and will be of benefit for people of both nations, ushering in a new dawn: Commerce Minister @PiyushGoyal

@PiyushGoyal @narendramodi #IndiaUAECEPA will open doors to Indian products which are exported to UAE - such as textiles, gem & jewellery, medicines, agricultural products, footwear, leather, sports goods, engineering goods, auto components, plastics - esp. labour oriented products - @PiyushGoyal

@PiyushGoyal @narendramodi Under #IndiaUAECEPA, UAE has offered immediate market access at Zero duty from day one of the entry into force of the Agreement, accounting 90% of India’s exports in value in terms to UAE - Commerce Minister @PiyushGoyal

https://twitter.com/PIBMumbai/status/1495025831147900936

@PiyushGoyal @narendramodi #IndiaUAECEPA will not only improve competitiveness of Indian products, but also provide strategic advantages to India, since UAE functions as a trading hub, providing us market entry points to Africa, Middle East and Europe

- Union Minister @PiyushGoyal

@PiyushGoyal @narendramodi With #IndiaUAECEPA, we aim to increase our bilateral trade over the next five years to $100 billion (for goods), however, I believe that the potential for trade between the two nations is even bigger, we will surpass the target we have set for ourselves - @PiyushGoyal

@PiyushGoyal @narendramodi #IndiaUAECEPA brings the two nations closer, will open many new opportunities for Indians to work in UAE, including in fintech, edtech, green tech, automation and Artificial Intelligence

Tech, digital trade, sustainability have a big focus in the partnership

- @PiyushGoyal

@PiyushGoyal @narendramodi For the first time in a Trade agreement, #IndiaUAECEPA provides for automatic registration and marketing authorisation of Indian generic medicines in 90 days, once they are approved in developed countries - @PiyushGoyal

@PiyushGoyal @narendramodi This will give big market access to Indian medicines not only in UAE, but also in Middle East and Africa

- Commerce Minister @PiyushGoyal

https://twitter.com/PIBMumbai/status/1495028970613784576

@PiyushGoyal @narendramodi Steel industry had a complaint that low grade steel used to be exported to India, processed elsewhere and exported to India changing its country of origin; #IndiaUAECEPA provides that unless steel melting is done in UAE, it will not be regarded as originated in UAE - @PiyushGoyal

@PiyushGoyal @narendramodi For the first time, #IndiaUAECEPA provides for a permanent bilateral safeguard mechanism to deal with sudden surge in imports of any product

It also has stringent rules of origin reflecting requirement for substantial processing of up to 40% value addition - Union Minister

@PiyushGoyal @narendramodi An MoU among APEDA, DP World & Al Dahra on the UAE side regarding “Food Security Corridor Initiative” has been prepared, under which India will be able to play an important role in food security of UAE

- Commerce Minister @PiyushGoyal

@PiyushGoyal @narendramodi #IndiaUAECEPA is a balanced, fair, comprehensive & equitable partnership agreement, will give lot of market access to India in both goods and services

It will create jobs for our youth, open new markets for our startups, make our businesses more competitive & boost our economy

@PiyushGoyal @narendramodi We will shortly finalize the Terms of Reference and scoping paper of India-GCC FTA; we are confident that we will be able to have a partnership agreement with GCC countries within the year 2022 itself

- Union Minister @PiyushGoyal addressing media in Mumbai, on #IndiaUAECEPA

@PiyushGoyal @narendramodi UAE has recently reiterated their commitment to make $ 75 billion investment in India, they have expressed interest in investing in large infra projects, renewable energy, sustainability, investments in partnership with NIIF

- Union Minister @PiyushGoyal

@PiyushGoyal @narendramodi UAE has a very high dependence on skilled manpower from outside, we are thinking of going for mutual recognition of professional bodies (such as CAs' bodies) for different professions; similar agreements between educational institutions too being looked at

- @PiyushGoyal

@PiyushGoyal @narendramodi We did sector-specific consultations on how much extra they will be able to export if given zero duty, how many jobs it will create, how much investment it will bring

We find that #IndiaUAECEPA will help create minimum 10 lakh jobs for youth: @PiyushGoyal

@PiyushGoyal @narendramodi There is renewed excitement in the world to work with India, this is due to transparency, talent and trust, this shows the collective strength of 135 crore people of India

- Commerce Minister @PiyushGoyal

@PiyushGoyal @narendramodi Around 90% of products exported from India to UAE will attract zero duty with implementation of #IndiaUAECEPA

80% lines of trade will attract zero duty, remaining 20% does not affect our exports much, so this is a win-win agreement

- Union Minister @PiyushGoyal