India and the UAE are looking at mutual recognition of professional bodies and educational institutions under a free trade agreement (FTA) that was signed last week, commerce and minister Piyush Goyal said. This development could boost co-operation between universities, students and employers in the two nations, Trend reports Financial Express.
“The UAE has shown interest to engage with IITs to see if they can set up a campus in their country. Student exchange programmes are also a part of our discussions,” Goyal tweeted on Monday.
Given that both the economies are aiming to raise their bilateral trade to $100 billion in five years from about $60 billion now, opportunities for at least a million jobs will open up for Indian youth, Goyal said. Labour-intensive industries, including textiles, gems & jewellery, leather and furniture, and some other critical sectors like engineering goods will stand to benefit from the FTA, he added. “This is a win-win deal for both nations,” the minister said.
India clinched its first FTA in over a decade on February 18, as it signed the comprehensive economic partnership agreement (CEPA) with the UAE. It is expected to come into force by early May.
The CEPA was signed by Goyal and UAE’s minister of economy Abdulla bin Touq Al Marri at a summit virtually attended by Prime Minister Narendra Mod