The India-UAE Comprehensive Economic Partnership Agreement (CEPA) entered into force on May 1, with both the sides issuing necessary notifications to facilitate the implementation of the free trade agreement (FTA).
Salient Features
- The CEPA was signed by both the economies on February 18, 2022.
- Commerce secretary BVR Subrahmanyam flagged off the first consignment of goods (jewellery products) that was despatched to Dubai at zero duty under the CEPA.
- Malabar Gold (Calicut), Hasmukh Parekh Jewellers (Kolkata) and Emerald Jewel Industry India (Coimbatore) became the first set of exporters to supply under the FTA.
- The secretary handed over the certificates of origin to three gems & jewellery exporters in Delhi on May 1.
- The UAE will allow as many as 99% of Indian goods (in value terms) at zero duty in five years from about 90% in the first year.
- India would allow duty-free access to 80% of goods from the UAE now, and it would go up to 90% in 10 years.
- The CEPA with UAE covers trade in goods, trade in services, rules of origin, technical barriers to trade, sanitary and phytosanitary measures, dispute settlement, movement of natural persons, telecom, customs procedures, pharmaceutical products, government procurement, IPR, investment, digital trade and cooperation in other areas.
- India has provided market access to approximately 100 sub-sectors of the UAE regarding trade in services.
- In comparison, Indian service providers will have access to about 111 UAE sub-sectors from the 11 broad service categories.
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