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Mahesh

28/03/22 07:04 AM IST

Indo- UAE CEPA

In News 
  • Union Minister  of Commerce and Industry ,Consumer Affairs, Food and Public Distribution, and Textiles, Government of India,announced the unveiling of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE).
  • He is in UAE to participate in ‘Investopia Summit’ and ‘World Government Summit’ being held in Dubai on 28th March 2022 and 29th March 2022 respectively. 
Features of CEPA 
  • 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.
India-UAE 
  • 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, while Indian imports from the UAE were valued around US$ 30 billion, including 21.83 MMT (US$ 10.9 billion) of crude oil.
  • The UAE is also the eight largest investor in India with an estimated investment of US$ 18 billion.
About WGS
  • The World Government Summit is a global platform dedicated to shaping the future of government worldwide. Each year, the Summit sets the agenda for the next generation of governments with a focus on how they can harness innovation and technology to solve universal challenges facing humanity.
  • It is basically a knowledge exchange center at the intersection between government, futurism, technology, and innovation. It functions as a thought leadership platform and networking hub for policymakers, experts, and pioneers in human development.
  • The Summit is a gateway to the future as it functions as a stage for analysis of the future trends, issues, and opportunities facing humanity. 


Source- PIB 

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