Indian Business Leaders Forum (IBLF) will be taking all efforts to see that a Free Trade Agreement (FTA) between United Arab Emirates (UAE) and India becomes a reality in the coming months. The FTA is expected to remove restrictive duties, push down tariff on goods and services and pave way for free flow of investments and goods and ultimately engage the nations on an intensive economic engagement.
Sudesh K Aggarwal, President of IBLF said, the FTA between India and the UAE and also with the GCC should be signed without further loss of time and IBLF would soon prepare a delegation of business leaders from UAE to meet with the Indian Commerce Minister and various other officials in the Ministry. The IBLF would work hand-in-hand with the Indian missions in the UAE so that the FTA becomes a reality soon.
The Business leaders also requested community to strategies their businesses given the current economic and political scenario in the region and global uncertainties. The leaders also discussed the Proposed Direct Tax Code to be implemented and its effect on the Non-Indian-Resident status. IBLF would be working with the various Governments in the UAE and the region to help in all possible ways to create more employment, Aggarwal said.
Aggarwal also said, IBLF would facilitate investments by “any investors” from the UAE and the region into India and help them make appropriate contacts. The Business Leaders also suggested creating an India Investment Desk and an Investment Consortium - a business model whereby emerging opportunities will be identified and investments will be made on a collective basis, he added.
UAE is an important trade partner of India, it is the tenth largest foreign investor in India, it account for 1% of total investment and from 2000 - 2011 UAE have invested around Rs 8,592 crores. In 2008 - 09 UAE accounted for 10% of India’s total trade. This FTA is likely to boost trade between these two counties.
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