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CEPA 2022: A huge impetus to India-UAE economic ties.
Mar 08, 2022
The landmark Comprehensive Economic Partnership Agreement (CEPA) signed recently between India and the United Arab Emirates (UAE) is a major boost to bilateral relations and economic cooperation between the two nations.
One of the main aims of the CEPA is to increase bilateral non-oil merchandise trade to USD 100 billion in the next five years. The CEPA will encourage bilateral investments with gains in labour-intensive industries like Textiles, Gems and Jewellery, Leather Goods and Footwear, and Food Processing. Both nations stand to benefit from this agreement. A few of the significant benefits for India are as follows:
Access to markets in the MENA region: The CEPA is India's first bilateral trade agreement in the Middle East and North Africa (MENA) region. This agreement will ease similar agreements with the other Gulf Cooperation Council (GCC) countries - Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain. It will provide better access to markets across the wider MENA region by leveraging the UAE’s transport and logistics infrastructure.
Boost to Indian exports: Under the CEPA, around 90% of the products exported and 80% of lines of trade from India and to the UAE will attract zero duty, a significant benefit for Indian exports facing increased competition. The zero-duty access for Indian products to the UAE is expected to expand over 5-10 years to 97 percent of UAE tariff lines, or 99% of Indian exports by value. The UAE is India’s third-largest trading partner and second-largest export destination. And India is the UAE’s second-largest trading partner and largest in terms of exports. The UAE-India CEPA will benefit around USD 26 billion of Indian products subject to 5% import duty by the UAE. As the UAE is a major global redistribution centre, especially with exports to Africa being routed through it, the CEPA will drive warehousing and distribution centres in the UAE for Indian exporters.
Investment flows: The CEPA is expected to accelerate FDI inflow from the UAE into India
Job creation for the Indian workforce: This agreement will create additional jobs and improve the working environment for the large Indian workforce working in the UAE. It is likely to generate one million jobs in various labour-intensive businesses.
Ease of doing Business: The CEPA provides for automatic registration and marketing authorisation of Indian generic medicines in 90 days upon their approval in developed countries. India has given duty concessions on gold import from the UAE while Indian jewellery exporters will have zero duty access to the UAE market - significant as their trade is 16% of the global diamonds, gold, and jewellery trade.
Comprehensive partnership in several areas
Cultural cooperation: The CEPA sets up the foundation of an India-UAE Cultural Council to promote cross-cultural exchanges, cultural projects, exhibitions, and dialogue between thought leaders.
Energy partnership: The UAE is one of India's key energy providers and has shown its commitment to meeting India's energy demand.
Climate action and renewables: Both nations will cooperate on the implementation of the Paris Agreement, working closely in the contexts of Conference of the Parties (COP), the International Renewable Energy Agency and the International Solar Alliance.
Hydrogen Taskforce: India and the UAE have agreed to establish a joint Hydrogen Taskforce to help scale up technologies, with a special focus on the production of Green Hydrogen.
Emerging technologies: The UAE and India shall expand cooperation and collaboration on critical technologies and mutually promote e-businesses and e-payment solutions.
Skills cooperation: Both nations agreed to work together to ensure that the UAE labour market skill needs from India are met through workforce access to training programs aligned to market needs and to address the changing needs for the future of work.
Food security: Both nations agreed to expand cooperation through enhanced bilateral food and agriculture trade and responsible foreign investments in agriculture and food systems.
Health cooperation: It was agreed to collaborate on the research, production, and development of reliable supply chains for vaccines and to enhance investments by UAE entities in the rapidly growing health infrastructure in India.
Education: Both countries agreed to establish world-class institutions to drive innovation and technological progress. The first-ever IIT overseas is to be set up in the UAE.
Cooperation in international affairs, and defence and security: The UAE and India agreed to support each other in international affairs, and in defence and security to maintain peace in the region.
Mechanisms to prevent treaty abuse
The CEPA has a permanent safeguard mechanism to resort to in case of sudden surges in imports, along with strict Country of Origin rules that will prevent products from other countries moving via the CEPA route. The UAE being a global transhipment centre, there is a greater risk of such treaty abuse; hence, rules of origin are to be strictly implemented.
The CEPA is a historic future-looking agreement that will benefit both India and the UAE in the long run in various ways. Both countries shall now aim for its proper implementation to maximize their gains and leverage upon the several promising opportunities for growth and expansion.
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