India Signs CEPA with United Arab Emirates
Tags: International News
India signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates during a Virtual summit meeting held between Prime Minister Narendra Modi and the Crown Prince of Abu Dhabi and the deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces, Sheikh Mohammed bin Zayed Al Nahyan on 18 February 2022.
The agreement was signed by Minister of Commerce and Industry Shri Piyush Goyal and Minister of Economy of UAE, H.E. Abdulla bin Touq Al Marri in the virtual presence of the two Leaders.
This is the first such agreement India has signed with a MENA / WANA country. Middle East North African Countries (MENA) or they are also called West Asia North Africa Countries (WENA).
Under the CEPA the tariff between the two countries will be reduced or eliminated on goods and services traded between the two countries. This will boost trade between the two countries.
The bilateral trade target between the two countries has been set up at $100 billion in the next five years from the present $60 billion.
India expects creation of 10 lakhs new jobs in labour-intensive sectors, like gems and jewellery, textiles, leather, footwear, furniture, agriculture and food products, etc.
India- UAE Trade Facts
UAE is the third largest trading partner of India after China and the United States.
UAE is the second largest export market for India after the United States. China is the third largest export market for India.
UAE was the second largest source of imports for India after China. The US is the third largest source of imports.
India ranks as the UAE’s number one trading partner for non-oil exports, accounting for nearly 14 percent of the UAE’s total non-oil exports globally.
Source : Economic Survey 2021-22
All the figures are for April to December 2021-22.
Fact Files UAE
It is a federation of seven Emirates of Abu Dhabi, Dubai, Sharjah, Ras Khaimah, Ajmain, Fujairah, Umm -Al-Quwain. It is an Arabian country.
Abu Dhabi is the largest of the emirates and is the centre of UAE oil business.
It is situated in the West Asia /Middle East region of the world in the Arabian Peninsula.
UAE in its present form came into existence in 1971.
Capital of UAE : Abu Dhabi
Currency : Emirati Dirham
President of UAE : Sheikh Khalifa bin Zayed bin Sultan Al Nahyan. He is the king of Abu Dhabi and the supreme commander of the UAE Armed Forces.
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