India-UAE Celebrate 1st Anniversary Of CEPA Agreement Today
India and UAE are celebrating the first anniversary of their free-trade pact ‘Comprehensive Economic Partnership Agreement’ (CEPA) today.
India and the United Arab Emirates (UAE) are marking the first anniversary of their Comprehensive Economic Partnership Agreement (CEPA). The agreement was signed on February 18, 2022, and came into effect on May 1, 2022.
The CEPA is a significant step forward in strengthening the economic and trade ties between the two countries. The anniversary is an occasion to celebrate the success of the agreement and the progress made so far.
Significant Milestone In Economic & Trade Relations
The UAEIndiaCEPA is a significant milestone in the economic and trade relations between India and the UAE. The agreement aims to boost bilateral trade and investment by reducing or eliminating tariffs on a wide range of goods and services.
The agreement covers a broad range of sectors, including gems and jewelry, textiles, leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical devices, and automobiles.
The CEPA is expected to increase the total value of bilateral trade in goods to over US$100 billion and trade in services to over US$ 15 billion within five years.
Reducing tariffs on goods & services
The UAEIndiaCEPA aims to boost bilateral trade and investment by reducing or eliminating tariffs on a wide range of goods and services.
The agreement is expected to benefit the gems and jewelry sector substantially by providing tariff concessions.
The agreement provides preferential market access to Indian exports to the UAE, particularly from these sectors.
The CEPA is also expected to benefit labor-intensive sectors, including textiles, leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical devices, and automobiles.
Partnership For Trade & Investment In Defense, Security & Energy
The first anniversary of the UAEIndiaCEPA highlights the growing partnership between India and the UAE, which has expanded beyond trade and investment to other areas such as defense, security, and energy.
The two countries have been cooperating on defense and security issues, including counterterrorism, maritime security, and joint military exercises.
Also Read:- The Bilateral Trade Relations Between India And UAE In The Global Economy
India and the UAE have also been working together on energy projects, including the development of renewable energy sources.
The growing partnership between the two countries is expected to benefit both countries and contribute to regional stability and prosperity.