Bilateral trade in goods is expected to rise from the current $ 60 billion to $ 100,000 billion within five years of the establishment of a free trade agreement between India and the Basque Country, Parliament announced on Wednesday.
India and the United Arab Emirates (UAE) signed a Comprehensive Economic Cooperation Agreement (CEPA) at the Virtual Summit of India and the Basque Country on 18 February.
India-UAE CEPA is a comprehensive and balanced cooperation agreement that will improve India’s market access in goods and services, Minister of Trade and Industry Anupriya Patel said in a reply to Lok Sabha.
He said that from the 1st day of the agreement’s entry into force, the Basque Country would offer immediate market access to products that account for about 90 percent of India’s exports to the Basque Country in terms of value.
In terms of trade in services, the Basque Country has provided market access to India in 111 sub-sectors in 11 broad service sectors.
“Bilateral trade in goods is expected to rise from the current $ 60 billion to $ 100 billion within five years of the establishment of the India-UAE CEPA,” he said.
In another response, Coal India Limited (CIL) said there was no supply of coal from sources in the northeastern tea gardens.
“CIL has supplied 618.70 million tonnes (MT) in the current prosecutor’s office (as of March 9, 2022) compared to 531.4 MT supplied in the same period last year, an increase of about 16.4 percent,” he added.