India-UAE ties to be a defining partnership of 21st century: Commerce & industry minister Piyush Goyal

Mar
29
2022

India-UAE ties to be a defining partnership of 21st century: Commerce & industry minister Piyush Goyal

According to the pact, the UAE will allow as many as 99% of Indian goods (in value term) at zero duty in five years from about 90% in the first year.

Read the original article by Financial Express HERE

Representatives of ADGM, ADQ, Mubadala, Masdar, ADIO, AD Residents Office, G42, Hub71, Ardent Advisory, Chimera Investment also participated in the session, among others.

India-UAE relations will be a “defining partnership of the 21st century”, commerce & industry minister Piyush Goyal said on Monday, over a month after both the sides forged a free trade agreement (FTA), which was New Delhi’s first such pact with any economy in a decade.

Addressing a roundtable meeting in Abu Dhabi on Indian start-ups, Goyal said India aspires to emerge as the world’s largest start-up destination. “Today we are the third-largest start-up ecosystem, but our aspiration is to be the world’s number one start-up destination,” he added.

The minister said the FTA with the UAE is expected to further enhance bilateral trade and business-to-business engagements, and help explore attractive investment opportunities, according to an official statement.

According to the pact, the UAE will allow as many as 99% of Indian goods (in value term) at zero duty in five years from about 90% in the first year. India would allow duty-free access to 80% of goods from the UAE now and it would go up to 90% in ten years.

“I can assure you that we will take this partnership to newer heights in the areas of sustainability, aerospace, space technology, connectivity, AI, data analytics, 5G, Metaverse, etc. We look forward to leveraging each other’s offerings and expertise,” Goyal said.

The event was co-chaired by the UAE minister of state for entrepreneurship and SMEs, Ahmad Belhoul Al Falasi (who was virtually present); Thani Zeyoudi, the UAE’s minister for international trade; and Mohamed Al Sharaf, chairman, Abu Dhabi Economic Development Department.

Representatives of ADGM, ADQ, Mubadala, Masdar, ADIO, AD Residents Office, G42, Hub71, Ardent Advisory, Chimera Investment also participated in the session, among others.

The minister lauded the promotion of Indian start-ups by the India Innovation Hub platform under the India Pavilion at the Dubai Expo. “I do hope that the 700 start-ups that have showcased their innovation at Expo2020 Dubai would have all gone back enriched with newer opportunities and ideas for the future,” Goyal added.

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