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India-UAE CEPA completes one year
Context
The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was signed on February 18, 2022 and came into force on May 1, 2022, has completed one successful year.
What is India-UAE Comprehensive Economic Partnership Agreement (CEPA)?
- The Comprehensive Economic Partnership Agreement (CEPA) was signed between India and UAE to strengthen the trade ties between the two nations.
- Aim The agreement aimed 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.
- The historical India-UAE CEPA is the first bilateral trade accord concluded by the UAE and India's first bilateral trade agreement in the Middle East/North Africa (MENA) region.
- India-UAE CEPA is a wide-ranging agreement, covering all aspects of India's economic engagement with the UAE including Trade, Investments, Healthcare, Digital Trade Government Procurement, IPR etc.
What are the impacts?
- This was the Fastest Executed Bilateral Agreement where imports and exports increased between India and United Arab Emirates (UAE).
- The benefit to domestic markets: The agreement also boosted trade which benefited the domestic market.
- Labour-intensive sectors also boomed as a result of this tie-up.
- Increased exports: India’s global export rose by 5.3 per cent and exports to UAE increased by 11.8 per cent.
- Major commodities: While the export of commodities like jewellery, car, and beauty products rose, in particular - aircraft, spacecraft and exports of parts increased by 4859 per cent as UAE is a transit hub between Asia and Europe and the Americas.
- Increased imports: Similarly, imports also increased from the UAE by 18.8 per cent. The nation’s non-oil imports from UAE increased by 4.1 per cent and global imports increased by 7.8 per cent.
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