Three years of India- UAE Comprehensive Economic Partnership Agreement (CEPA)

Three Years of the India-UAE Comprehensive Economic Partnership Agreement (CEPA)

The India-UAE CEPA was signed on February 18, 2022, and came into effect on May 1, 2022.

About the India-UAE CEPA:
This is the first comprehensive and fully-fledged Free Trade Agreement signed by India with any country in the last decade. The agreement covers areas such as trade in goods and services, pharmaceutical products, intellectual property rights (IPR), and investment.

Significance of the India-UAE CEPA:

• It aims to boost bilateral trade in goods to US$100 billion and trade in services to US$15 billion over the next five years.
• The agreement is expected to create over one million job opportunities for the Indian workforce by enhancing trade liberalization and market access.
• It will provide preferential market access for India’s labor-intensive goods, such as textiles and engineering products.
• It ensures zero-duty market access for 90% of UAE exports to India, benefiting UAE commodity exporters in sectors like petrochemicals, aluminum, and copper.
• The agreement will also enhance Indian exporters' access to UAE’s neighboring regions, particularly the Gulf Cooperation Council (GCC) states.

Progress Under the India-UAE CEPA:

• Bilateral Merchandise Trade: Nearly doubled from USD 43.3 billion in FY 2020-21 to USD 83.7 billion in FY 2023-24.
• Export Growth: Non-oil exports reached USD 27.4 billion in 2023-24, driven by refined crude, gems and jewelry, high-tech goods, and chemicals.
• Boost to MSMEs: Increased market access and job creation, with initiatives like Bharat Mart in Dubai enhancing global trade.

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