New Delhi:   India and the United Arab Emirates (UAE) have begun formal negotiations on a Comprehensive Economic Partnership Agreement (CEPA) aimed at increasing bilateral trade and investment.

Within five years of the accord's signing, a new strategic economic agreement between the two countries is expected to boost bilateral trade in goods to USD 100 billion and expand trade in services to USD 15 billion.

India is expected to sign a free trade agreement with the United States next year, after a ten-year wait. Prime Minister Narendra Modi is expected to sign the proposed India-UAE Comprehensive Economic Partnership Agreement (CEPA) during his next visit to Dubai, according to all indications. According to sources, India is now focusing on bilateral trade agreements rather than multilateral ones, especially in the post-Covid 19 world geo-economic order, which has prompted many countries to seek alternative supply chains.

Minister of Commerce and Industry Piyush Goyal has been in intensive talks with numerous parties to finalise the agreement, which he claims will create jobs and economic prospects for both.

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