The remarkable India-UAE Comprehensive Economic Partnership Agreement (CEPA) has come into force today when New Delhi flagged off its first consignment to Dubai.
On February 18, both India and UAE signed the significant, Comprehensive Economic Partnership Agreement, CEPA. Under this, both the nations agreed to freely trade services and investments with each other. Yesterday, New Delhi flagged off its first assignment of goods to Dubai. The trade will attract zero customs duty through this agreement.
BVR Subrahmanyam, Secretary for the Department of the Commerce flagged off the first assignment from New Delhi. The consignment consisted of jewellery products from India during a function in New Customs House in New Delhi.
According to a government press release, under the India-UAE CEPA, the Certificates of Origin are handed over to 3 exporters from the Gems and Jewellery sector. The statement said, “BVR Subrahmanyam, India’s Commerce Secretary, handed over the Certificates of Origin to three Gems and Jewellery exporters in a symbolic gesture that put the historic agreement into action. The above-mentioned shipment will now be subject to no customs duties. Furthermore, on May 1, 2022, it was received by Dubai authorities”, said a government press release.
Significance of the India-UAE Comprehensive Economic Partnership Agreement (CEPA)
The CEPA will benefit India and UAE both in various ways. It is worthy to note that India is the first country to develop such agreement with the United Arab Emirates. Above all, this is India’s first CEPA in the last 11 years.
India and UAE will comprehend various sectors in this agreement, including Gems and Jewellery, Textiles, Leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical devices, and automobiles.
Further, CEPA will increase the total value to $100 billions of bilateral trade in goods and $15 billions of bilateral trade in services in around 5 years. However, taking into account, the Indian market, the trade could touch higher targets.
Published By – Chirag Agrawal
Edited By – Nehal Sharma
