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UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council

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.

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

路聽聽聽聽聽聽 UAE is India鈥檚 third-largest trading partner (2022-23) after China and the US, and the second-largest export destination.

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

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