Minister of State for Foreign Trade Thani Al Zeyoudi announced on Twitter that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE will come into effect on May 1st
Minister of State for Foreign Trade Thani Al Zeyoudi announced on Twitter that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE will come into effect on May 1st
The historic India-UAE Comprehensive Economic Partnership Agreement will come into force on May 1, an Emirati minister said on April 21.
The agreement will offer significant benefits to companies in India and the United Arab Emirates, including improved market access and reduced tariffs.
Minister of State for Foreign Trade Thani Al Zeyoudi announced on Twitter that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE will come into effect on May 1st.
“Are you ready for a new era of opportunity? #IndiaUAECEPA comes into effect on May 1, cutting tariffs, eliminating trade barriers and helping our exporters access the world’s sixth largest economy,” he said in a tweet.
CEPA, a comprehensive landmark trade agreement between India and the United Arab Emirates, was signed on Feb. 18 during a virtual summit between Prime Minister Narendra Modi and Abu Dhabi’s Crown Prince, Sheikh Mohamed bin Zayed al Nahyan.
The agreement was signed and exchanged by Trade and Industry Minister Piyush Goyal and UAE Economy Minister Abdulla bin Touq Al Marri.
CEPA is likely to boost India-UAE trade from $60 billion to $100 billion over the next five years, India’s Ambassador to the UAE Sunjay Sudhir had said.
The CEPA was completed and signed in a record time of just 88 days Khaleej Times Newspaper.
In February, Foreign Minister S. Jaishankar said in an exclusive statement to WAM, the UAE’s official news agency, that the signing of the CEPA between the UAE and India “is a milestone in our bilateral relationship” and “opens new opportunities in both.” will trade in goods and services and will lead to increased investment”.
The UAE is India’s third largest trading partner, accounting for about 40% of its trade with the Arab world, the WAM report said.
In September last year, India and the UAE officially started negotiations on the trade deal.
The pact covers areas such as goods, services, rules of origin, customs procedures, government procurement, intellectual property rights and e-commerce.
Under such agreements, two trading partners reduce or eliminate tariffs on the maximum number of goods traded between them.
They also liberalize standards to improve trade in services and boost investment.
Bilateral trade between India and UAE was US$43.3 billion in 2020-21. The exports were worth $
$16.7 billion and imports totaled $26.7 billion in 2020-21. Two-way trade was $59.11 billion in 2019-20. The UAE is a gateway to Africa and other parts of the world.
