INS_Vikrant
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The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE came into effect on Sunday, allowing most of the country’s exports a duty-free access to the Emirates.
The CEPA, which was signed in February, is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.
In a symbolic gesture for operationalising the agreement, commerce secretary BVR Subrahmanyam handed over Certificates of Origin to three exporters from the gems and jewellery sector here.
The trade pact will help in taking the two-way trade to $100 billion in five years from the existing $60 billion.
“$100 billion is just a starter. As we go along, it will become $200 billion and then $500 billion in the years to come,” he said, adding that 99% of “our exports will go to zero duty in UAE”.
Overall, India will benefit from preferential market access provided by the UAE on over 97% of its tariff lines (or goods), which account for 99% of Indian exports to the UAE in value terms-particularly from labour-intensive sectors such as textiles, leather, footwear, sports goods, plastics, furniture, and engineering products.
The government is analysing a lot of trade pacts and trying to correct them.
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The CEPA, which was signed in February, is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.
In a symbolic gesture for operationalising the agreement, commerce secretary BVR Subrahmanyam handed over Certificates of Origin to three exporters from the gems and jewellery sector here.
The trade pact will help in taking the two-way trade to $100 billion in five years from the existing $60 billion.
“$100 billion is just a starter. As we go along, it will become $200 billion and then $500 billion in the years to come,” he said, adding that 99% of “our exports will go to zero duty in UAE”.
Overall, India will benefit from preferential market access provided by the UAE on over 97% of its tariff lines (or goods), which account for 99% of Indian exports to the UAE in value terms-particularly from labour-intensive sectors such as textiles, leather, footwear, sports goods, plastics, furniture, and engineering products.
The government is analysing a lot of trade pacts and trying to correct them.
India-UAE free trade pact comes into force
The CEPA, which was signed in February, is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.
