India–UAE Start-Up Bridge launched in Mumbai as part of CEPA

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In a major breakthrough, India and UAE on Friday launched Start-Up Bridge whereby Indian startups will benefit from UAE investments while UAE will benefit from India’s experience. Union Commerce & Industry Minister Piyush Goyal and the UAE Minister of Economy Abdullah Al-Mari today launched the ‘India-UAE Start-Up Bridge’ at the India-UAE Economic Partnership organided by CII.

Goyal said, “India and UAE have huge potential to work together and the Comprehensive Economic Partnership Agreement (CEPA) will significantly open the doors to a plethora of markets across the globe and help in building a future ready, more robust and resilient bilateral partnership.”

The Minister said the India-UAE partnership is best defined by its tagline ‘Openness, Opportunity and Growth’ and asserted that the trade between the two countries is expected to grow to at least $100 billion in the near future. Speaking about various sectors to benefit from the India-UAE CEPA, Goyal said he is certain that the gains of the partnership will start flowing from this year itself, as is evident from the early wins for the Gems and Jewellery sector.

About the pharma sector, the Commerce & Industry Minister said that CEPA has given a pathway for Indian pharma products to fast-track approval in the UAE. “It is the first time any nation in the world has given India such a benefit”, he added.

Goyal also said that India and UAE are looking at education partnerships and deeper energy cooperation. Green hydrogen is going to be an area where both sides will work together, he stated.

UAE Minister of Economy Abdullah Al Marri highlighted the important aspects that are inbuilt within the framework of the agreement. He said CEPA offers significant economic benefits for both the countries.

“Most important part of this agreement is that there will be lot of opportunities that will arise. It will add 1.7% growth in UAE’s economy and also create 140,000 jobs,” he added. The UAE Minister termed CEPA as very agile and nimble and it has chapters that allow for future discussions on such areas as digital economy and digital trade. He also added that the government procurement and intellectual property rights also hold special significance for the India-UAE CEPA.

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Published on: Friday, May 13, 2022, 05:50 PM IST



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