Why is CEPA a big deal for the UAE economy?
- July 5, 2022
- Posted by: axiom_admin
The Comprehensive Economic Partnership Agreement between India and the United Arab Emirates was enacted in May 2022. (CEPA)
Within the next five years, it is expected to amplify the volume of bilateral goods trade to more than $100 billion and services trade to more than $15 billion. It is no secret that the UAE and India have had a solid, long-lasting relationship for decades that fast-tracked the CEPA negotiations making it one of the quickest trade deals ever to be concluded between the two countries.
Furthermore, India has presented three gem and jewellery exporters with Certificates of Origin as a symbolic step to initiate the agreement.
The CEPA is considered a new building block that will initiate a new phase of economic and trade cooperation between the two countries.
To that effect, the Ministry of Economy has launched a webpage for the Comprehensive Economic Partnership Agreement (CEPA) that provides UAE based organizations and investors information on how to utilise its many benefits.
The e-platform includes comprehensive and precise details for each trade sector, with an array of details starting from tariff structures, rules of origin, differential treatment, customs procedures, digital trade, all the way to SMEs, which assist business owners in pinpointing relevant regulations and tariffs applicable to their businesses and products, plus necessary certificates for enrty into the relevant Indian market sectors under the new regulations.
Those interested in the platform’s services can visit https://www.moec.gov.ae/en/cepa to learn more.
This webpage by the Ministry of Economy is part of its ongoing effort to operationalise the UAE-India CEPA, to offer the private sector the tools, knowledge, and information it needs to strengthen trade connections with India, the world’s fifth-largest economy.