Home » Blog » UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council

UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council

By Amigos IAS

Why is it in the news?

  • The UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council was launched at the India-United Arab Emirates (UAE) Business Summit.
  • It aims to foster close partnerships and tangible cooperation across all levels of UAE and Indian business communities.
  • Emphasizes collaboration in start-ups, women entrepreneurs, Micro, Small, and Medium-Sized Enterprises (MSMEs), and the services sectors.

About India-UAE CEPA (Comprehensive Economic Partnership Agreement)

  • Came into force in 2022.
  • The first full free trade Agreement signed by India with any country in the past decade.
  • Encompasses Trade in Goods and services, Rules of Origin, customs cooperation, and Dispute Settlement, among other aspects.
  • Bilateral trade increased by approximately 15% since the CEPA came into force.

Significance of CEPA

  • Provides enhanced access for cross-border trade in services, particularly benefiting the pharmaceutical sector.
  • Aims to raise bilateral merchandise trade to $100 billion in five years from about $43 billion in FY21.
  • Special safeguard measures included to protect against a surge in imports from the UAE due to tariff concessions.
India-UAE

·       UAE serves as a gateway to West Asian countries and Africa for Indian exporters.

·       UAE is India’s third-largest trading partner (2022-23) after China and the US, and the second-largest export destination.

·       Both countries engage in maritime cooperation to maintain peace and security in the region through regular military exercises like Desert Eagle.

Signup for newsletter

Receive notifications straight into your inbox

Leave a comment

Item added to cart.
0 items - 0.00

Discover more from AMIGOS IAS

Subscribe now to keep reading and get access to the full archive.

Continue reading