Pact with UAE to generate $100bn trade, says official

DUBAI: India has created an imposing presence at Dubai Expo 2020, to be inaugurated on October 1 by commerce and industry minister Piyush Goyal, with its four-storey pavilion constructed across 1.2 acres, with an impressive theme of ‘India on the move’, and the government’s global push towards attracting investors for its projected $5 trillion economy.
While the government began negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with the UAE in Delhi on Wednesday, India’s ambassador to UAE Pawan Kapoor gave a sneak peek to the pavilion, one of the largest among 190 countries participating at the Dubai Expo 2020. Kapoor asserted that the free trade agreement being negotiated with the UAE will help in sealing at least $100 billion trade with the Emirates in the next few years.
Leading Indian brands and multinational companies, including the Tatas, Reliance Industries, Adani, Vedanta, HUL, PepsiCo, HSBC, ITC, Facebook, Air India and Apollo Hospitals, are among 34 corporate sponsors that have already confirmed their participation in the Indian pavilion, showcasing business opportunities. The list may touch 50 mark, with the Indian embassy here getting more requests.
The Dubai Expo 2020 is billed as one of the biggest events of UAE, which is commemorating its 50th anniversary this year, coinciding with India’s 75th anniversary of Independence. The sixmonth long Expo was to start in October last year but was postponed due to the pandemic. It will continue till March 2022, while India’s pavilion will have its permanent presence and serve as meeting ground for global investors.
Kapoor said India’s rising number of unicorns and startups from different sectors will be showcased at the pavilion and be a major attraction for global investors here, which have already expressed interest in investing in the innovation potential in the country. At least 13 states have confirmed their participation at the Dubai Expo, with each individually negotiating MoUs with different countries in the governmentto-government and businessto-business negotiations.

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