UAE cable manufacturer Ducab is eyeing further growth opportunities in India following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Asia earlier this year.
Ducab plans to supply cables and other metal products to the transport sector and for mega infrastructure projects being built in India, CEO Mohamed Al-Madoua told the National.
CEPA has reduced the trade barriers that had affected on the company’s revenue from the Indian subcontinent while now the business opportunities greatly improved.
The agreement will eliminate 80 percent of tariffs on goods from India and the UAE, with plans to raise all tariffs within 10 years to boost trade between the two countries, UAE’s minister of foreign affairs Thani Al Seyoudi, said.
Seyoudi added the deal is expected to add 1.7 percent, or $8.9 billion to the UAE’s GDP and increase exports by 1.5 percent, or $7.6 billion by 2030.
In February, UAE and India have signed a CEPA agreement to increase non-oil trade between the two countries from $60 billion to $100 billion over five years and opening up more avenues for investment.
