Survey Reveals India-UAE Economic Agreement To Create Jobs

On February 18, 2022, India and UAE signed a new trade agreement called the Comprehensive Economic Partnership Agreement (CEPA). Over the next five years, the agreement is expected to boost trade by $100 billion in goods and $15 billion in services.

Thus, Real Research launched a survey about this new trade agreement, seeking public opinions about the potential opportunities this could open up in the economy and potential improvements in India UAE economic relations. Here are the results.

Highlights

• 49.76% believe $15 billion growth in bilateral trade for the next 5 years is a fair estimate.
• 43.76% say that ‘trade in goods’ is the most important commitment from the agreement.
• 48.52% believe dairy should not be on India’s 10% tariff negative list.

Respondents on Consuming News That Affects Trade Agreements

The India-UAE economic partnership agreement survey starts by asking if respondents consume news that affects trade agreements in the world. A majority of 57.07% responded ‘I daily check for such news’.Meanwhile, 15.53% said ‘I weekly check for such news’, 8.87% ‘check for monthly news’, and 18.54% do not actively check for such news.

To follow up, the survey asks if respondents are aware of the Comprehensive Economic Partnership Agreement (CEPA) signed between India and UAE on February 18th, 2022. To this, 49.66% say ‘yes, I read about CEPA online’. A further 10.04% say ‘yes, I saw that on TV’, 9.93% say ‘yes, I read about CEPA in a print publication, and 6.42% saw it on social media. However, 19.14% are not aware.

Next, the survey asks if respondents believe that the new deal of $100 billion growth in bilateral trade from goods is a fair estimate. To which, 50.31%say ‘yes, it is definite’. Whereas, 17.90% said ‘it is possible looking at current circumstances’. However, 10.21% say ‘no one can guarantee this as anything could influence future trade markets’.

Many Expect $15 Billion Growth in Trade From Services

Next, the survey questions if respondents believe $15 billion growth in bilateral trade from servicesis a fair estimate.’ To which, 49.76% say ‘yes, it is definite’. Whereas, 17.71% believe ‘it is possible, looking at current circumstances’ and 10.65% say ‘no one can guarantee this as anything could influence future trade markets’.

Furthermore, the survey asks how respondents feel about this deal opening opportunities for India to reach markets in many other Arab nations. A majority of 53.91% say ‘Arab countries offer a rich market, and both nations will grow stronger’.

Meanwhile, 17.34% feel ‘this is great as both nations will be seen as star options for trade and more trade agreements will come. Adding on, 8.20% say ‘UAE and India already have good relations and should have targeted other countries. Lastly, 7.86% say ‘India’s chances to improve ongoing FTA negotiations will be stronger’.

Moreover, with regards to a whole range of commitments, which respondents believe is the most important. A majority of 43.76% chose ‘trade in goods’. Then, 15.96% chose ‘trade in services, 10.82% chose ‘telecom’, and 10.71% chose ‘technical barriers to trade’. Lastly, 6.77% chose ‘pharmaceuticals’ and 6.75% said ‘dispute settlement’.

India’s Negative 10 List Should Not Include These Items

To follow up, the survey asks respondents which items should not be included in India’s 10% tariff list. Here, 48.52% chose ‘dairy’, 12.63% chose ‘fruits and vegetables’, 4.88% chose ‘cereals’, and chose 4.53% ‘tea and coffee’. Lastly, 3.99% chose ‘sugar’, 3.87% chose ‘tobacco’, 3.38% chose ‘food preparation’, and 3.32% chose ‘petroleum waxes’.

Next, the survey asks respondents which sector will see more gains. Some 34.82% chose ‘gems and jewelry’, whereas 17.21% say ‘textiles’, and 9.18% chose ‘leather’. Moreover, 6.84% chose ‘automobiles’, 6.47% chose ‘agricultural and wood products’, and 6.13% chose ‘footwear’.

In conclusion, the survey asks respondents which sector will thrive the most and supposedly create 10 lakh jobs through the India-UAE trade. In response, a majority of 46.03% say ‘textiles’, while 13.92% say ‘auto’, and 13.88% say ‘pharmaceuticals’. To add, 10.54% chose ‘gems and jewelry’, 7.86% chose ‘leather’, and 6.60% chose ‘plastic products’.