Sign In
Learn bits
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

More Related Current Affairs View All

11 Oct

Green Patch over Antartica

'A recent study revealed that plant cover in Antarctica has soared more than tenfold over the last few decades and is growing at an alarming rate.' Antarctica, the world’s

Read More

11 Oct

Experimental South Korean writer Han Kang wins the Nobel Prize in literature

'The Nobel Prize for Literature 2024 has been awarded to South Korean author Han Kang “for her intense poetic prose that confronts historical traumas and exposes the fragilit

Read More

11 Oct

Tools to design proteins, predict structure win 2024 chemistry Nobel

'The 2024 Nobel Prize for chemistry was jointly awarded to David Baker for his work on computational protein design and to Demis Hassabis and John Jumper for developing technologie

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps