India and UAE signed a Mutual Recognition Arrangement for Authorized Economic Operators

Tags: International Relations International News

India-and-UAE-signed-a-Mutual-RecognitionIndia and the United Arab Emirates (UAE) on 23 June have signed a Mutual Recognition Arrangement for Authorized Economic Operators.

An overview of the news

  • The agreement was formally signed during the World Customs Organization's (WCO) Customs Co-operation Council meeting held in Brussels.

Aim of Mutual Recognition Arrangement

  • The Mutual Recognition Arrangement aims to promote trade facilitation and ease of doing business between the two countries.

  • It establishes a framework for recognizing Authorized Economic Operators (AEOs) from both India and the UAE.

Significance

  • The recognition of AEO status will streamline customs procedures, reduce administrative burdens, and lower costs for authorized businesses.

  • This agreement signifies an important milestone in the economic cooperation between India and the UAE and is expected to strengthen bilateral trade ties.

  • By leveraging the benefits of the Mutual Recognition Arrangement, both countries aim to enhance trade facilitation, improve the ease of doing business, and encourage investments.

India-UAE Comprehensive Economic Partnership Agreement (CEPA)

  • The signing of this arrangement is in line with the broader objective of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed in February 2022.

  • CEPA aims to significantly increase the total value of bilateral trade in goods and services within five years.

  • The Mutual Recognition Arrangement is expected to contribute to achieving the trade targets set under the CEPA, fostering greater economic growth and cooperation between India and the UAE.

Please Rate this article, so that we can improve the quality for you -