Explanation:

The free trade agreement between India and the UAE is likely to come into effect from May 1 this year, Commerce and Industry Minister Piyush Goyal said.

• Under this, domestic exporters of as many as 6,090 goods from sectors such as textiles, agriculture, dry fruits, gem and jewellery would get duty-free access to the UAE market.
• The Comprehensive Economic Partnership Agreement (CEPA) was signed by India and the United Arab Emirates (UAE) in February which aims to boost bilateral trade to $100 billion in the next five years from current $60 billion.
• The two countries have agreed to set up a technical council on Investment, Trade Promotion and Facilitation, as part of the agreement signed.
• Overall, the UAE is offering duty elimination on over 97% of its products which account for 99% of Indian exports here in value terms.
• Immediate duty-free access covers all labour-intensive sectors such as gems and jewellery, textiles and apparel, agricultural and fish products, leather, footwear, and sport goods, pharmaceuticals and medical devices, and many engineering products.
• Currently, India is exporting about $26 billion worth of goods to the UAE, almost 90% of them will get total tariff (or customs duty) elimination on Day 1 itself. Going forward, the rest of the 9.5% (about 1,270 goods) will also get zero duty.

Hence only statement 2nd is correct.