Mumbai, May 13: The comprehensive trade agreement between India and the UAE will help in creating huge job opportunities and boost growth of the domestic economy, Commerce and Industry Minister PiyushGoyal said on Friday.
The bilateral pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA), is expected to increase the bilateral trade in goods to over USD 100 billion and trade in services to over USD 15 billion within five years.
It came into effect from May 1.
The agreement opens the door for many sectors, particularly labour-intensive ones such as textiles, gems and jewellery, pharmaceuticals and agriculture, Goyal said while briefing the media along with the UAE Minister for Economy Abdullah Bin Touq Al Marri here.
The ministers launched 'India-UAE Start-up Bridge' at the India-UAE Partnership Summit, organised by industry body CII here.
The India UAE Start Up bridge is part of CEPA to strengthen collaboration to promote startups through exchange of best practices, and strengthened relations between accelerators, incubators, and other such ecosystem stakeholders.
The bridge will act as a one-stop platform where information regarding the Indian and UAE startup ecosystem will be easily accessible to entrepreneurs and stakeholders from both countries.