Commerce and Industry Minister Piyush Goyal on March 27 announced the unveiling of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE).
- With this launch, the text of the India-UAE CEPA is now available in public domain. The negotiations for India-UAE CEPA were concluded in a record span of 88 days and the agreement is expected to enter into force on 01 May 2022.
Details of India-UAE
- India-UAE CEPA was signed on February 18 in New Delhi during the India-UAE Virtual Summit.
- The India-UAE CEPA is the first deep and full free trade Agreement to be signed by India with any country in the past decade.
- The Agreement is a comprehensive agreement, which will cover Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, Government Procurement, IPR, Investment, Digital Trade and Cooperation in other Areas.
- CEPA provides for an institutional mechanism to encourage and improve trade between the two countries.
- The CEPA between India and the UAE covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7581 tariff lines) respectively.
India-UAE Relations
- From US$ 180 million per annum in the 1970s, India-UAE bilateral trade has steadily increased to US$ 60 billion (₹4.55 lakh crore) in FY 2019-20 making the UAE, India’s third largest trading partner.
- With exports to the UAE valued at US$ 29 billion for the year 2019-20, the UAE is also the second largest export destination of India.
- The UAE is also the eight largest investor in India with an estimated investment of US$ 18 billion.
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