Significant positive impact on India-UAE trade from India-UAE CEPA
Tags: International Relations International News
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) that came into force on 1 May 2022 is creating a significant positive impact on India-UAE trade.
Indian exports to the UAE, excluding petroleum products, grew from US$ 5.17 billion during June-August 2021 to US$ 5.92 billion during June-August 2022.
It denotes an increase of 14% of Indian exports.
India’s global non-petroleum exports during the same period (Jun-Aug 2022) grew by 3% on an annual basis.
This implies that the growth rate of India's non-petroleum exports to UAE is about 5 times that of India's non-petroleum exports to the world.
According to the Commerce and Industry Ministry Indian imports from the UAE during the same period also grew from 5.56 billion dollar to 5.61 billion dollar.
India-UAE Comprehensive Economic Partnership Agreement (CEPA)
It was signed on 18 February 2022, during the India-UAE Virtual Summit.
It came into force on 1 May 2022.
It provides for an institutional mechanism to encourage and improve trade between the two countries.
CEPA is a type of free trade agreement that covers trade in services and investment and negotiations on other areas of economic partnership.
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