India and the United Arab Emirates (UAE) on Sunday agreed to set up a Technical Council on Investment, Trade Promotion and Facilitation under the Comprehensive Economic Partnership Agreement (CEPA) signed last month.

CEPA was signed between the two countries on 18 February. With this agreement, bilateral trade between the two countries is expected to reach $100 billion and create millions of jobs in the next five years.

Under such an agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them.

According to the CEPA statement released on Sunday, “The Council will be headed by an Under Secretary of the Ministry of Finance or a representative authorized by him on behalf of the UAE, while it will be chaired by the Joint Secretary of the Department for Promotion of Industry and Internal Trade, Government of India.”

Accordingly, the objectives of the Council are to promote, facilitate investment and trade cooperation, monitor investment and business relations, identify opportunities and negotiate related issues.