India and UAE Strengthen Trade Ties in Second CEPA Joint Committee Meeting
India and the UAE ended a two-day JC meeting marking the second CEPA meeting in the country. The Indian delegation was headed by Shri Ajay Bhadoo, Additional Secretary, Department of Commerce while the co-chairing on the UAE side was by H.E. Juma Al Kait, Assistant Undersecretary for International Trade Affairs. The meeting was aimed at enhancing the bilateral relations on trade and investment, the status of CEPA, and the future direction.
Trade openings and future objectives
Both sides noted that bilateral trade has increased significantly since the start of the CEPA negotiations. They affirmed hope that the country will achieve the set goal of $100 billion in non-oil trade before 2030. This meeting focused on steps towards the improvement of biannual trade between the countries under the discussed Memorandum and discussed the outcomes of the 1st Sub-Committee Meeting on Trade in Goods held in January 2024.
India and the UAE signed the memorandum to enhance the bilateral flow of trade-related information by forming a technical team of specialists. This group will endeavor to familiarize themselves with each other’s statistical systems and develop procedures for synchronizing bilateral trade statistics to enhance the identification of trade patterns and in the process aid in comparison.
TRQs and Support for Indian Exporters
A major issue under discussion was the use of Tariff Rate Quotas (TRQs) for particular goods. Both countries committed to working together closely so that UAE exporters can effectively benefit from TRQs. India stated that due to concerns of being too cumbersome for the stakeholders, changes had been made to how the TRQ licenses are issued out in the market.
India sought permission to treat the Indian Jewellery Exposition Center in Dubai as a Designated Zone. This would enable many of the Indian jewelry manufacturers especially those not under UAE regulations to enjoy lower duties. The UAE answered positively to the request stating it will discuss the matter with internal stakeholders and federal tax authorities to make the necessary decision.
Improving Product Certification and Services Trade
India sought the accreditation of the i-CAS Halal scheme so that Indian animal products get certified easily and exported to the UAE. They also promised to retain dialogue on this matter and find the best common solution.
The meeting also discussed increasing the speed with which registration and pricing of pharmaceutical products can occur. Both countries also further committed to cooperating to the elaboration of the definitive MoU on food safety regarding the traded food products.
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Addressing Import Concerns and Future Cooperation
India expressed concern about the growing trend of imported silver products, platinum alloy, and dry dates into the UAE. India asked the UAE to ensure compliance with rules of origin so as not to avoid trade rules. The UAE responded positively to these issues and promised to investigate with the view of finding a solution.
Both sides exchanged lists of focal points for trade in services and both agreed to convene the first Sub-Committee Meeting of Services shortly. India urged professional organizations of the two nations to sign MoUs for the Mutual Recognition of professional qualifications like chartered accountants, lawyers, and nurses, among others.
