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What is the News?
The Government of India has announced the unveiling of the Comprehensive Economic Partnership Agreement(CEPA) between India and the United Arab Emirates(UAE).
About India-UAE Bilateral Trade
UAE is India’s third-largest trade partner. Bilateral trade between India and the UAE stood at USD 43.3 billion in 2020-21.
UAE is also the second-largest export destination of India, while Indian imports from the UAE were valued at around US$ 30 billion.
UAE is also the eighth-largest investor in India, with an estimated investment of US$ 18 billion.
What is India-UAE CEPA?
India-UAE CEPA was signed in New Delhi during the India-UAE Virtual Summit.
Purpose: It is a comprehensive agreement that 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, IPR, Investment, Digital Trade and other Areas.
What are the key provisions of the India-UAE CEPA?
Agreement on Pharmaceuticals: It aims to facilitate access of Indian pharmaceuticals products, especially automatic registration and marketing authorisation in 90 days for products meeting specified criteria.
Technical Council on Investment, Trade Promotion and Facilitation: It has been set up as part of the CEPA.
– Objectives of the Council: a) promote and enhance investment and trade cooperation and facilitation between the parties, b) monitor investment and trade relations, c) identify opportunities for expanding investment and trade and d) identify issues relevant to investment and trade.
What is the significance of this agreement?
India-UAE CEPA is the first deep and full free trade agreement to be signed by India with any country in the past decade.
Source: This post is based on the article “Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates(UAE) Unveiled” published in PIB on 27th March 2022.
