India-UAE CEPA ushers in a new dawn with an estimated 10 lakh jobs for Indian citizens

Delhi : the startup ecosystem in India has seen exponential growth in the past few years creating tons of jobs for Indian citizens in the organised and unorganised sectors. On Similar lines, The India UAE Comprehensive Economic Partnership Agreement (CEPA) will provide a new Dawn in India with an estimated 10 lakh jobs for Indian citizens in the coming days.

 Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has termed the India-UAE CEPA  extremely beneficial for MSMEs, startups, farmers, traders and all sections of businesses.

 An estimated 10 lakh jobs for Indian citizens

 The India UAE Comprehensive Economic Partnership Agreement will open a whole new economic dimension between India and UAE. The CEPA is a balanced, fair, comprehensive & equitable partnership agreement, which will give enhanced market access for India in both goods and services.

 This will result in the creation of jobs for youth, open new markets for startups, will make businesses more competitive & boost the Indian economy. Moreover, the sector-wise consultations have shown that the pact will create a minimum of 10 lakh jobs for Indian citizens.

 The partnership agreement will open doors, especially to labour-intensive Indian products which are exported to UAE – such as textiles, gem & jewellery, medicines, agricultural products, footwear, leather, sports goods, engineering goods, auto components and plastics. This will clearly create more jobs and new business opportunities for Indian citizens.

 The CEPA will also improve the competitiveness of Indian products and also a strategic advantage to India. Since, the UAE functions as a trading hub, the Agreement will help provide Indian Goods with market entry points to Africa, the Middle East and Europe. This will create more demand and hence more jobs and opportunities.

 The agreement will also bring the two nations closer, the pact opens several new opportunities for Indians to work in UAE, including in fintech, ed-tech, green tech, automation and Artificial Intelligence. Technology, digital trade and sustainability are also main focus points of the CEPA which will further open doors for Indian citizens to work in these sectors and create more jobs.

Other immediate benefits of CEPA for Indian Citizens 

 Under the pact, UAE has offered immediate market access at Zero duty from day one of the entry into force of the Agreement, to products accounting for 90% of India’s exports to UAE in value terms. With this, Around 90% of products exported from India to UAE will attract zero duty with the implementation of the Agreement. 80% lines of trade will attract zero duty, remaining 20% does not affect the Indian exports much, so this is a win-win agreement for both countries. CEPA also provides for a permanent bilateral safeguard mechanism to deal with the sudden surges in imports of any product.

 The finalization of the 880-page document (CEPA) in a record time of 88 days is a big achievement for both nations, it will boost the economies of India and UAE and will usher in a new dawn for the people of the two countries.

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