23 Feb 2022 Comprehensive Economic Trade Agreement: India and UAE
Comprehensive Economic Trade Agreement: India and UAE – Today Current Affairs
- Recently, India and UAE have signed a ‘Comprehensive Economic Cooperation Agreement (CECA)’.
Difference between ‘Comprehensive Economic Trade Agreement’ and ‘Free Trade Agreement’:
- A ‘Comprehensive Economic Trade Agreement’ (CECA) is a type of ‘Free Trade Pact’, which includes negotiations on trade in services and investment and other areas of economic partnership.
- Under CECA, trade facilitation and negotiations on areas such as customs cooperation, competition and intellectual property rights may also be considered.
- Partnership agreements or cooperation agreements are more comprehensive than Free Trade Agreements (FTAs).
- The ‘Comprehensive Economic Partnership Agreement (CEPA’) also looks into the regulatory aspect of trade, and includes agreements covering regulatory issues.
Today Current Affairs
As per CEPA signed between India and UAE: The Hindu Analysis
- 90% of India’s exports will have ‘duty free’ access to UAE.
- This export will include goods, services and digital trade.
The profit: The Hindu Analysis
- This bilateral trade agreement is India’s first in the region and the first ‘Comprehensive Trade Agreement’ with any country in a decade.
- Indian products valued at around $26 billion are likely to benefit from CEPA, a 5% import duty currently levied by the United Arab Emirates (UAE) on these products. The UAE is the third largest trading partner of India after the US and China.
- This CEPA is expected to increase bilateral trade from the current $60 billion to $100 billion in the next 5 years.
- Through this agreement, Indian exporters will also get access to wider markets in Arabia and Africa.
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