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World Affairs, Economy
Mahesh

13/06/23 06:32 AM IST

India-UAE Comprehensive Economic Partnership Agreement

In News
  • India and UAE successfully held the 1st Meeting of the Joint Committee (JC) of the India-UAE CEPA.
Outcomes of the meeting
  • Both agreed to operationalize the established committees/sub-committees/technical council under the CEPA,
  • Agreed on mutual exchange of preferential trade data on quarterly basis for effective monitoring of the CEPA,
  • Discussed various matters related to the implementation of the Agreement and agreed on addressing any issue that may potentially act as a hindrance to CEPA implementation or its usage by businesses on both sides,
  • Agreed on creation of a new sub-committee on Trade in Services, and
  • Also agreed to set-up a UAE-India CEPA Council (UICC) as a B2B collaboration mechanism, with a focus on MSMEs and start-ups, for building greater economic linkages and optimizing CEPA benefits.
  • India’s exports to the UAE also recorded a remarkable growth of 12%, reaching USD 31.6 billion in 2022-2023.
About CEPA
  • It is a kind of free trade pact that covers negotiation on the trade in services and investment, and other areas of economic partnership.
  • It may even consider negotiation in areas such as trade facilitation and customs cooperation, competition, and IPR.
  • Partnership agreements or cooperation agreements are more comprehensive than Free Trade Agreements.
  • CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.
India-UAE
  • UAE is India's 3rd largest trading partner (after US, China). Bilateral trade turnover between the two was US$ 68.4 billion in 2021.
  • UAE is the 7th largest investor in India with cumulative FDI inflows of US$ 15,179 million from April 2000 – September 2022.
  • Major Indian exports to UAE are petroleum products, gems and jewellery, machinery and instruments, chemicals, iron and steel, textiles and garments, cereals, meat and meat products, etc.
Source- PIB

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