Key Takeaways
- The India-UAE Relation got a good sign of Comprehensive Economic Partnership Agreement (CEPA), the biggest bilateral trade pact .
- The agreement was signed on February 18 between the two sides. Coinciding with the important occasion, Secretary, Department of Commerce, B.V.R. Subrahmanyam fagged of the first consignment of goods consisting of jewelry items from India to the UAE under the India – UAE CEPA at an event held at the New Customs House which is vital for India – UAE relation in the area of economic prospects.
- The India-UAE CEPA is the first of the major bilateral trade pacts that India has been negotiating to kickstart international trade in the post-COVID-19 scenario.
- The India-UAE CEPA is consider as a boost for India – UAE relations.
About India-UAE Comprehensive Economic Partnership Agreement (CEPA)
- Features covered under India – UAE CEPA are 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, Intellectual Property Rights (IPR), Investment, Digital Trade.
- Benefits of CEPA Between Both Countries
- Significance of CEPA – The India-UAE CEPA will strengthen the two nations’ already deep, strong, and strategic relationships by creating new job opportunities, raising living standards, and improving the general welfare of their peoples.
Commercial Relations
- In the economic and commercial spheres, the traditionally close and cordial India-UAE bilateral relationship has matured into a significant cooperation.
- India-UAE relation in trade grew from US$ 180 million per year in the 1970s to about US$50 billion in 2015-16, making UAE India’s third largest commercial partner after China and the United States.
- Furthermore, with over US$ 30 billion in exports in 2015-16, the UAE is India’s second largest export destination. With about US$ 28 billion in commerce, India is the UAE’s largest trading partner in 2015.
Content Source : The Hindu