India- UAE CEPA was signed on 18th February 2022 and entered into force on 1st May 2022.
About India-UAE CEPA
- It is the first deep and full-fledged Free Trade Agreement, signed by India with any country in the past decade.
- It covers Trade in Goods and Services, Pharmaceutical products, IPR, Investment, etc.
Significance of India- UAE CEPA
- Boost bilateral trade in goods to US$100 billion and trade in services to US$15 billion over next five years.
- Create more than one million jobs opportunities for Indian workforce through enhanced trade liberalisation and market access.
- Enable preferential market access for India’s labour-intensive goods like textiles, engineering goods etc.
- Ensure zero-duty market access for 90% of exports from UAE into India, benefitting UAE commodity exporters of petrol chemicals, aluminum, and copper.
- Enhance Indian exporters’ access to UAE’s neighbouring regions, especially Gulf Cooperation Council states.
Progress made under India- UAE CEPA
- Bilateral Merchandise trade: Nearly doubled from USD 43.3billion (FY 2020-21) to USD 83.7billion (FY 2023-24).
- Export Growth: Non-oil exports hit USD 27.4B in 2023-24, led by refined crude, gems & jewellery, high-tech goods, and chemicals.
- MSMEs Boost: Increased market access & employment, with Bharat Mart in Dubai enhancing global trade.
India-UAE Bilateral Relations
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