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Economy
Mahesh

02/05/22 06:37 AM IST

India-UAE Comprehensive Economic Partnership

In News 

  • The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was signed between the two nations on 18 February 2022, officially entered into force recently. 
  • Department of Commerce lagged off the first consignment of goods comprising of Jewellery products from India to UAE under the India-UAE CEPA at a function in New Customs House in New Delhi.
About CEPA 
  • CEPA is expected 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 agreement had envisioned a target of USD 100 billion worth of trade, given the size of India's market and the access that UAE would give to India, much more could be achieved.
  • India will benefit from preferential market access provided by the UAE on over 97 % of its tariff lines which account for 99% of Indian exports to the UAE in value terms particularly from labour-intensive sectors such as Gems and Jewellery, Textiles, leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical devices, and Automobiles.
Source-PIB 

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