India-UAE Trade Deal: Opportunities for MSMEs, start-ups to employment generation for youth; what are the benefits of the deal? See what Union Minister Piyush Goyal said

The Comprehensive Economic Partnership Agreement (CEPA) was signed between India and the United Arab Emirates on Friday.

: Opportunities for MSMEs, start-ups to employment generation for youth; what are the benefits of the deal? See what Union Minister Piyush Goyal said. Source: Reuters

Reported by Saurabh Kumar Pandey

India-UAE Trade Deal: The Comprehensive Economic Partnership Agreement (CEPA) was signed between India and the United Arab Emirates on Friday. In a conversation with Zee Business, Union Minister of Commerce Piyush Goyal spoke about the benefits of the trade deal between India and UAE.

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While interacting with Zee Business reporter Saurabh Kumar Pandey, the Union Minister said that the agreement will help the MSME sector in the country. Furthermore, it will also help in the generation of employment in the country.

जानिए भारत-UAE FTA पर केंद्रीय मंत्री पीयूष गोयल ने क्या कहा?

देखिए केंद्रीय वाणिज्य मंत्री पीयूष गोयल से सौरभ पांडे की खास बातचीत@PiyushGoyalOffc | @PiyushGoyal | #UAE_India | @PandeySaurabh95 pic.twitter.com/8VHr3FkLV8

— Zee Business (@ZeeBusiness) February 20, 2022

The Union Minister also highlighted on the fact that apart from creating employment opportunities for the youth, the trade agreement between India and UAE will also provide a boost for the start-ups. Also, it will boost the exports of the country.

Goyal further added that the country is becoming self-reliant and has increased confidence in the exporters.

"The country is ready to compete on the global stage," Goyal said.

He also highlighted the fact that the agreement also aims at reducing the logistics cost. In this context, the Union Minister pointed out that the PM Gatishakti Yojana is the blueprint for the development of the country.

While presenting the Union Budget 2022, FM Nirmala Sithraman said that it will be guided by the PM GatiShakti Master Plan. Sitharaman added, "400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems...:"

"Moving forward on this parallel track, we lay the following four priorities - PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action & financing of investments," added the FM.

The FM also said in her speech that PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. NH network to be expanded by 25,000 km in 2022-23. Rs. 20,000 crores to be mobilized to complement public resources.

As per an ANI report, while commenting on the agreement between India and UAE, Sanjiv Mehta, President, Federation of Indian Chambers of Commerce and Industry (FICCI) said, "We in FICCI applaud the leadership of our two countries in making CEPA a reality in record time, even amid a pandemic. There are many areas that will benefit from this agreement. However, one area of great mutual interest in innovation and startups, led by technology-driven processes."

India and UAE on Friday signed the Comprehensive Economic Partnership Agreement (CEPA) and set a target to boost merchandise trade between the two countries to $100 billion over the next five years.

The deal was signed during the virtual summit meeting between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

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