• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Manifest Learning Academy
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Foreign Affairs

India-UAE CEPA

September 24, 2021
in Foreign Affairs
Reading Time: 4 mins read
0
India-UAE CEPA
272
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news–The first round of negotiations on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) have been launched recently.

About India-UAE CEPA

  • Both sides will aim to conclude negotiations by December 2021 and sign a formal agreement in March 2022 after the completion of internal legal procedures and ratification.
  • Looking to build on the progress made by both countries under the Comprehensive Strategic Partnership signed in 2017; both countries expressed a desire to reach a mutually beneficial economic deal.
  • It is emphasized that CEPA will create new jobs, raise living standards, and provide wider social and economic opportunities in both nations. 
  • A new strategic economic agreement is expected to increase bilateral trade in goods to USD 100 billion within five years of the signed agreement and increase trade in services to USD 15 billion.

About Comprehensive Economic Partnership Agreement (CEPA) 

  • CEPA aims at lowering trade barriers instead of complete elimination.
  • CEPA also looks into the regulatory aspect of trade and encompasses and agreement covering the regulatory issues. CECA has the widest coverage. 
  • CEPA covers negotiation on the trade in services and investment, and other areas of economic partnership. 
  • It may even consider negotiation on areas such as trade facilitation and customs cooperation, competition, and IPR.
  • India has signed CEPAs with Japan and South Korea. 
  • In 2010, Canada and India launched negotiations toward a Comprehensive Economic Partnership Agreement (CEPA). The most recent round of negotiations was held in August 2017 in New Delhi.

India-UAE relations

  • The UAE is currently India’s third-largest trading partner with bilateral trade in 2019 and 2020 valued at 59 billion dollar. 
  • The UAE is also India’s second-largest export destination after the US, with exports valued at approximately 29 billion dollars in 2019-2020. 
  • India was the UAE’s second-largest trading partner in 2019, with bilateral non-oil trade valued at USD 41 billion. 
  • The UAE is the eighth-largest investor in India, having invested USD 11 billion between April 2000 and March 2021, while investment by Indian companies in the UAE is estimated to be over USD 85 billion.
  • India’s major exports to the UAE include petroleum products, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, textiles and chemicals. 
  • India’s top imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals and wood and wood products.

Other types of trade agreements

Free Trade Agreement

  • It is an agreement in which two or more countries agree to provide preferential trade terms, tariff concession etc. to the partner country. 
  • Here a negative list of products and services is maintained by the negotiating countries on which the terms of FTA are not applicable hence it is more comprehensive than preferential trade agreement.
  • India has negotiated FTA with many countries e.g. Sri Lanka and various trading blocs as well e.g. ASEAN.

Preferential Trade Agreement

  • In this type of agreement, two or more partners give preferential right of entry to certain products. This is done by reducing duties on an agreed number of tariff lines. 
  • Here a positive list is maintained i.e. the list of the products on which the two partners have agreed to provide preferential access. 
  • Tariffs may even be reduced to zero for some products even in a PTA.
  • India signed a PTA with Afghanistan.

Comprehensive Economic Cooperation Agreement

  • CECA generally covers negotiation on trade tariff and TQR rates only. It is not as comprehensive as CEPA. 
  • India has signed CECA with Malaysia.

Framework agreement

  • Framework agreement primarily defines the scope and provisions of orientation of the potential agreement between the trading partners. 
  • It provides for some new area of discussions and set the period for future liberalisation. 
  • India has previously signed framework agreements with the ASEAN, Japan etc.

Early Harvest Scheme

  • An Early Harvest Scheme (EHS) is a precursor to an FTA/CECA/CEPA between two trading partners. For example, the early harvest scheme of RCEP has been rolled out. 
  • At this stage, the negotiating countries identify certain products for tariff liberalization pending the conclusion of actual FTA negotiations. 
  • An Early Harvest Scheme is thus a step towards enhanced engagement and confidence building.
image_pdfMake PDF
Source: PIB
Tags: PIBPrelims

Related Posts

iCET dialogue

iCET dialogue

February 3, 2023
The WTO Agreement on Fisheries Subsidies

The WTO Agreement on Fisheries Subsidies

January 25, 2023
Key takeaways from WEF -2023 annual meeting

Key takeaways from WEF -2023 annual meeting

January 23, 2023
Bhopal Declaration of G20

Bhopal Declaration of G20

January 21, 2023
China’s population drops for first time in 60 years

China’s population drops for first time in 60 years

January 18, 2023
UN blacklists Pakistan’s Abdul Rehman Makki

UN blacklists Pakistan’s Abdul Rehman Makki

January 17, 2023
NOTAM (Notice to Air Missions) system of US

NOTAM (Notice to Air Missions) system of US

January 12, 2023
US proposes student loan safety net

US proposes student loan safety net

January 11, 2023
India to preside over Asian Pacific Postal Union (APPU)

India to preside over Asian Pacific Postal Union (APPU)

January 6, 2023
USA’s new tax credit scheme for electric vehicles

USA’s new tax credit scheme for electric vehicles

December 28, 2022
Please login to join discussion

Our Offline Classroom Student

CONGRATULATIONS TO 2021 TOPPERS !!!

Rank 171 Kumar Shivashish
Rank 250 Sahithya
Rank 263 Sumit Kumar Thakur
Rank 311 Deepak Ramachandra Shet
Rank 455 Ravinandan B M

February 2023
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
2728 
« Jan    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tags

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News News Paper Newspaper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News News Paper Newspaper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In