India UAE likely to sign trade pact on Friday

During a virtual meeting between the leaders of the two sides on Friday, India and UAE are likely to sign a bilateral Comprehensive Economic Partnership Agreement (CEPA). On condition of anonymity, an official said: “The CEPA could be signed later this week, most likely Friday”. UAE has emerged as an important business partner of India. In the year 2019-20, it was the second-largest export destination when goods worth 29 billion were sent to the UAE from India. CEPA has been an important trade deal for both nations. It will cover areas such as goods, services, rules of origin, government procurement, and investment. It is India's first trade deal in the gulf region. Petroleum products, gems and jewelry, minerals, cereals, sugar, fruit and vegetables, tea, meat, seafood, textiles, engineering and machinery products, and chemicals are the key products that are exported to UAE.