Historic India-UAE trade pact effective from May 1: Minister
Minister of State for Foreign Trade Thani Al Zeyoudi takes to Twitter and announces that the UAE’s Comprehensive Economic Partnership Agreement (CEPA) will come into effect on May 1.
Minister of State for Foreign Trade Thani Al Zeyoudi takes to Twitter and announces that the UAE’s Comprehensive Economic Partnership Agreement (CEPA) will come into effect on May 1.
The historic Comprehensive Economic Partnership Agreement between India and the UAE will come into effect on May 1, an Emirati minister said on April 21.
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs.
Minister of State for Foreign Trade Thani Al Zeyoudi has taken to Twitter to announce that India and the UAE’s Comprehensive Economic Partnership Agreement (CEPA) will come into effect on May 1.
“Are you ready for a new era of opportunity? #IndiaUAECEPA comes into effect on May 1, asking tariffs, removing barriers to trade to help our exporters access the sixth-largest economy, ”he said in a tweet.
CEPA, a comprehensive path-breaking trade agreement between India and the UAE
The agreement was signed and exchanged by Commerce and Industry Minister Piyush Goyal and UAE Minister of Economy Abdullah bin Touq Al Marri.
The CEPA is likely to boost trade between India and the UAE from $ 60 billion to $ 100 billion in the next five years, said India’s Ambassador to the UAE Sunjay Sudhir.
The CEPA was finalized and signed in a record time of just 88 days, according to The Khaleej Times newspaper.
In an exclusive statement to the Minister of External Affairs, S. Jaishankar, the UAE’s official Emirates News Agency, WAM, said that the signing of the UAE-India CEPA is “a milestone event in our bilateral relations” and “will open new opportunities in both.” trade in goods and services, and will lead to enhanced investments ”.
The UAE is India’s third-largest trading partner and accounts for approximately 40% of its trading in the Arab world, the WAM report said.
In September last year, India and the UAE entered into a trade agreement formally launched.
The pact covers areas including goods, services, rules of origin, customs procedures, government procurement, intellectual property rights, and e-commerce.
Under such agreements, two trading partners reduce or eliminate customs obligations against the maximum number of goods traded.
In addition, they also liberalize norms to enhance trade in services and boost investments.
Bilateral trade between India and the UAE stood at $ 43.3 billion in 2020-21. Exports were worth $
16.7 billion and imports aggregated at $ 26.7 billion in 2020-21. The two-way commerce stood at $ 59.11 billion in 2019-20. The UAE is a gateway to Africa and other parts of the world.
