The "historic" Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE will come into effect on 1 May, an Emirati minister has said.
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs, reports the NDTV.
UAE's Minister of State for Foreign Trade Thani Al Zeyoudi took to Twitter to announce that India and the UAE'S Comprehensive Economic Partnership Agreement (CEPA) will come into effect on 1 May.
"Are you ready for a new era of opportunity? #IndiaUAECEPA comes into effect on May 1, reducing tariffs, removing barriers to trade to helping our exporters access the world's sixth-largest economy," he said in a tweet.
CEPA, a comprehensive path-breaking trade agreement between India and the UAE, was signed during a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al Nahyan on 18 February.
The agreement was signed and exchanged by India's Commerce and Industry Minister Piyush Goyal and UAE Minister of Economy Abdulla bin Touq Al Marri.
The CEPA is likely to boost trade between India and the UAE from $60 billion to $100 billion in the next five years, India's Ambassador to the UAE Sunjay Sudhir had said.
The Comprehensive Economic Partnership Agreement was finalised and signed in a record time of just 88 days, according to the Khaleej Times newspaper.