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India, UAE to sign FTA on February 18
February 15, 2022
India and the UAE are likely to sign a free trade agreement (FTA) on February 18, under which both the nations could give duty-free access to various products from different sectors, sources said.
In September last year, India and the United Arab Emirates (UAE) had formally launched negotiations on the pact, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA).
Under such an agreement, two trading partners reduce or eliminate customs duties on the greatest number of goods traded between them. Moreover, they liberalize norms to enhance trade in services and boost investments.
This would be the second such agreement to be signed by the current government.
In February last year, India had inked the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius.
“The India-UAE agreement is ready and it would be signed on February 18,” a source said.
Bilateral trade between India and the UAE remained at USD 43.3 billion out of 2020-21. Sends out were USD 16.7 billion and imports aggregated at USD 26.7 billion in 2020-21.
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