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The biggest bilateral trade pact of the last seven years signed by India and the UAE on Friday 18, 2022. It is known as Comprehensive Economic Partnership Agreement (CEPA).

The endeavor would open new routes for regional trade and connectivity and advance “collective interests” of India, Israel, the UAE and the United States especially in the fields of technology, innovation and finance.

The trade in the next five years will increase from $60 billion to $100 billion.

MOUs

During the virtual summit meeting, Memorandum of Understanding (MoUs) was signed between the International Financial Services Centers Authority (IFSCA), GIFT City and the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA).

Another MoU covered building of food corridors.Informed sources said the deal would cover 90% of India’s exports to the UAE. Indian exports are expected to benefit from the “zero duty from day one of the entry into force of the agreement”.

Post-Pandemic-Recovery

The agreement is the first of the several such deals that India is currently negotiating with several countries across the world as part of the “post-pandemic recovery”. Some of the trade pacts will be interim in nature because of the complexities involved but the one with the UAE negotiated over 88 days is crafted by keeping long term objectives in view, said the Indian side.

Plastic, agriculture food products, automobile, engineering, pharmaceuticals are some of the areas that will be boosted because of the pact.

The UAE had agreed to recognise Indian pharma products within three months after they were recognised by developed economies of the West through “rigorous” process. 

The deal will open up to 10 lakh jobs for the young people in the country. The pact would open access to broader African and Asian markets for India.

They asserted that the “substantial net gains for India” will be visible in the labour-intensive industries such as gems and jewellery, leather, furniture, wood products, agriculture, medical devices, pharma and automobiles.

Modi strongly condemned the January 17 terror attack on the UAE that claimed the lives of two Indian nationals.


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