Import & Export Btw India & UAE without Duty
Overview of Changes on Import & Export Btw India & UAE without Duty
The “Comprehensive Economic Partnership Agreement” (CEPA), a trade agreement between India and the United Arab Emirates, was signed on February 18, 2022, and it became effective on May 1 of that same year.
A crucial step in supporting the economy and post-COVID-19 recovery through international trade is the UAE’s CEPA with India. It represents the UAE’s intention to attract top talent and increase commercial relations in order to double its economy within the next ten years. The CEPA seeks to increase bilateral trade by USD 100 billion over the course of five years, with an emphasis on growing exports and strengthening the non-oil sector.
The CEPA, which is the first bilateral trade agreement between the United Arab Emirates and India, aims to benefit both parties by expanding market access and improving job prospects. It signals a sea change in the economic course of the United Arab Emirates, promoting prosperity and inclusive growth for all parties involved. In addition, 100 sub-service sectors and 11 sectors are covered by the CEPA.
Benefits
Trade and investment will increase as a result of the CEPA, benefiting the economies of both countries. It promises an open trading environment that will open up additional doors for Indian manufacturing and UAE industry.
Here are some advantages of CEPA:
• Reducing or eliminating customs charges
• Eliminating trade barriers other than tariffs
• Encouraging the application of global standards
• Providing exclusive access to the market in India
• Increasing the UAE industry’s level of competitiveness
• Making the trading regulations with India clear
• Developing instruments to counteract any negative impacts a rapid increase in imports would have on UAE industry
• Putting in place a successful and functional conflict resolution procedure
• Facilitating entry into the Indian public procurement business
Examples of the sectors that CEPA has most positively impacted
