India and UAE sign CEPA; deal to cover almost 90% bilateral trade

The UAE is currently India's third-largest trading partner and the second-largest export destination, after the US

India and the United Arab Emirates (UAE) on Friday signed a Comprehensive Economic Partnership Agreement (CEPA) that is set to benefit almost 90 per cent of trade -- both exports and imports-- between the two countries.

The trade deal has also provided a permanent safeguard mechanism, which will safeguard exporters and businesses from both countries from any unwarranted surge in volumes of any particular product, Commerce and Industry Minister Piyush Goyal said.

Several sectors, such as gems and jewellery, leather, plastic products, agriculture products, medical devices, pharmaceutical products, and automobiles will benefit from the agreement. India has given duty concessions on gold