CEPA will open up new opportunities to India in field of infrastructure, aviation, finance, aviation and ports: Piyush Goyal
Commerce and Industry Minister, Piyush Goyal today said that the Comprehensive Economic Partnership Agreement (CEPA) between India and UAE will create a minimum 10 lakh jobs for youth of the country.
Addressing a press conference in Mumbai, Mr. Goyal said, the agreement will help in making the country self-reliant, and will also provide job opportunities to the youth of India in a big way.
He said, UAE has a very high dependence on skilled manpower from outside, adding that India is thinking of going for mutual recognition of professional bodies such as chartered accountants. Similarly, for different professions, similar agreements between educational institutions too would be looked at, he said.
He said, through this agreement both the countries will do trade worth 7.5 lakh crore rupees for a period of next five years, adding that both the counties are also looking at aligning in the education sector.
The Minister said, 90 per cent products exported from India will have zero duty in UAE. Some of the products which were listed out are textile which includes readymade garments, pharmaceutical products, agriculture products, food processing products, footwear, leather, sports and engineering goods, gems and jewellery and all those products which come from labour oriented sector.
Mr. Goyal also said that there is a pool of talent in fintech, greentech, authomation and artificial intelligence in India and as a reason the economic partnership agreement will prove to be more beneficial.
He informed that medicines which have been approved in developed countries like the USA, Canada, Australia and UK will be allowed to sell in UAE in 90 days after submitting the application. This, he said, will also provide new opportunity to the India’s pharmaceutical industry.
With regards to the steel sector, he said that unless the steel is not melted in the UAE, it won’t be called as the country of origin. He said, the certification of the country of origin will be given by the UAE government.
He further said that India is right on its track to achieve the target of 400 million dollars, as he said that till 14th of this month country’s exports have reached 350 million dollars, by eclipsing all the previous records.