New Delhi: The proposed free trade agreement (FTA) between India and the United Arab Emiratesholds huge potential for both the countries to boost trade and investment and the investors here are "very" positive about doing business in New Delhi, The Commerce and Industry Minister Piyush Goyal said on Friday.
Last month, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement
(CEPA).
"I see a huge potential in this free trade agreement between the two countries. The UAE is a gateway to all of Africa and many other parts of the world. UAE also has a huge Indian diaspora, has a huge market for products like textiles, gems and jewellery, leather, footwear, and food products, which are labour oriented and provide economic
opportunities.
"I think the partnership will be a win-win for both the countries," the Commerce and Industry Minister Piyush Goyal told reporters here.
Both the sides have expressed a desire to reach a mutually beneficial economic deal and aims to conclude negotiations by December 2021 and sign a formal agreement in March 2022 after the completion of internal legal procedures and
ratification.