World desires India to play a leading role in global trade: Piyush Goyal
Commerce & Industry Minister to lead the Indian participation at India’s National Honour Day celebrations at Expo2020 Dubai
DUBAI, March 28, 2022: Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, and Leader of the House in Rajya Sabha yesterday said that the world desires India to play a much more important role in international trade in the years to come. “We can proudly say that our USD 400 billion export achievement, which is a historic high, is just a beginning and we believe that the world desires India to be among the leading players in the international trade in the years to come,” added Shri Goyal. He was addressing media on the first day of his 3-day visit to the UAE, during which he will lead the Indian participation at India’s National Honour Day celebrations at Dubai Expo2020 on March 29th.
“We hope Comprehensive Economic Partnership Agreement (CEPA) will be operationalized by 1st May 2022 providing a big boost to the India-UAE trade and ties. Currently, we are exporting goods worth close to USD 26 billion to the UAE. Almost 90% of them will get total tariff elimination on day 1 itself. Going forward, in the next 5-10 years, the rest of the 9.5% will also be included in this list. This opens up huge opportunities for Indian businesses,” said Shri Goyal.
The Minister said that the Foreign Trade Agreement (FTA) also opens doors to the services sector which will create job opportunities for our youth who will get access to newer services. “Deep commitments have been assured by the UAE to broad base our services what we offer to the market. Services like computer, audio-visual, education, health, tourism, professional services like nursing, engineering, accountancy among others will get opportunities,” added Shri Goyal.
On the FTA with the Gulf Cooperation Council (GCC) nations, Shri Goyal said, “We are at an advanced stage of discussions to finalize the scope of the GCC FTA. The discussions will get over in next 15-20 days after which we hope to launch formal negotiations for a broad-based FTA, which will open the entire middle east market for Indian goods & services.”
“We have had good progress in our engagement with Australia, UK, Canada, EU on FTAs. This is also reflective of the growing strength of the India economy. The opportunities that India offers and the conviction of the entire developed world that they would like to see India in their supply chain because as Hon’ble Prime Minister, Shri Narendra Modi says that the world looks at India as a trusted partner, somebody with whom they can do business in a transparent and honest manner,” Shri Goyal said.
On the resounding success of the India Pavilion at Dubai Expo, Shri Goyal said, “EXPO2020 Dubai has seen some outstanding successes in our B2B engagements. There were over 2000 B2B meetings, more than 700 startups got an opportunity to showcase their offerings and nearly 107 MoUs were signed during the Dubai Expo. It has been a highly successful engagement, even on commercial terms that India had at the Expo. The Pavilion is also among the highest visited and truly demonstrating the strength of India, giving people a glimpse of its rich cultural heritage.”
“I am delighted to share that the India pavilion has been given the singular honor along with the UAE, Saudi Arabia and Morocco to have a permanent setup even after the conclusion of the Expo, which they are converting into a high technology region going forward. The India Pavilion will keep showcasing a little bit of India in the UAE even after the closure of EXPO2020 on March 31st,” he added.
There are several high-level engagements at the government level along with those with the business community during his visit. On the invitation of the ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum, Shri Goyal will participate in the 8th session of the World Government Summit on March 29th as special envoy of Prime Minister of India, Shri Narendra Modi. With the UAE’s Economy Minister, H.E., Abdulla Bin Touq Al Mari, Shri Goyal will participate in the inaugural Investopia Summit on March 28th.
The India Pavilion was inaugurated by Shri Piyush Goyal on October 1st last year. Expo2020 Dubai will conclude on March 31st.
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