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Home / IAS Preparation / Comprehensive Economic Partnership Agreement (CEPA)

Comprehensive Economic Partnership Agreement (CEPA): Enhancing Bilateral Trade

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In the dynamic landscape of international trade, Comprehensive Economic Partnership Agreements (CEPAs) have emerged as vital tools for fostering economic cooperation between nations. This article delves into the world of CEPA agreements, specifically focusing on the India-UAE CEPA. We'll explore the key aspects, benefits, and significance of this agreement, shedding light on its implications for both countries.

Aspiring UPSC IAS exam candidates must give utmost importance to this article. To enhance your academic support, you can also consider joining UPSC coaching.

Understanding CEPA

Comprehensive Economic Partnership Agreement (CEPA) is a comprehensive trade agreement that encompasses a wide range of economic cooperation areas. These agreements go beyond traditional trade agreements by addressing issues such as services, investment, competition, intellectual property rights, and more. CEPA agreements aim to promote economic integration and cooperation between nations.

What is CEPA?

A CEPA, or Comprehensive Economic Partnership Agreement, is a trade agreement that covers various aspects of economic partnership, including trade in goods and services, investment, regulatory issues, and more. It goes beyond traditional free trade agreements by addressing a broader spectrum of economic cooperation.

Study the article about United Nations Conference for Trade and Development (UNCTAD) here!

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India-UAE CEPA Agreement

The India-UAE CEPA Agreement, signed on February 18, 2022, during the India-UAE Virtual Summit, is set to enter into force on May 1, 2022. This agreement represents a significant step in enhancing trade relations between India and the United Arab Emirates (UAE). It establishes an institutional mechanism to encourage and improve trade between the two nations.

Salient Features of India-UAE CEPA

The India-UAE CEPA is a comprehensive agreement that covers a wide range of areas, including:

  • Trade in Goods: The agreement provides India with preferential market access in the UAE, particularly in labor-intensive sectors like textiles, gems and jewelry, medical devices, and more.
  • Trade in Services: Both India and the UAE have opened their markets to each other in various service sectors, including business services, communication services, healthcare, and tourism, among others.
  • Pharmaceuticals: The agreement includes a separate annex on Pharmaceuticals, streamlining the registration and authorization process for Indian pharmaceutical products.
  • Investment: The CEPA also addresses investment-related aspects, encouraging economic cooperation between the two nations.

Check out the linked article on the Ashgabat Agreement for UPSC now!

Benefits of India-UAE CEPA

The India-UAE CEPA offers several benefits:

  • Trade Expansion: The agreement fosters increased trade opportunities between India and the UAE, benefiting both nations.
  • Market Access: It provides Indian businesses with preferential market access to the UAE, promoting exports.
  • Pharmaceutical Industry: The streamlined pharmaceutical regulations benefit the Indian pharmaceutical industry.
  • Economic Growth: CEPA is expected to create new employment opportunities, raise living standards, and improve the general welfare of both countries' populations.

Check out the linked article on the WTO Agreements for UPSC now!

Background of India-UAE CEPA

India and the UAE have a history of excellent bilateral relations, marked by cultural and civilizational affinities, high-level political interactions, and strong people-to-people linkages. The India-UAE comprehensive strategic partnership began in 2015, and bilateral trade between the two countries has steadily grown.

  • Trade Relations: India and the UAE have been each other’s leading trading partners. India-UAE bilateral trade reached USD 60 billion in FY 2019-20.
  • Investments: The UAE is the eighth-largest investor in India, with an estimated investment of USD 18 billion.
  • Infrastructure Development: The UAE has committed USD 75 billion towards infrastructure development in India.

To learn about various International Organization Reports click the article attached.

What Sets CEPA Apart?

Comprehensive Economic Partnership Agreements (CEPAs) differ from other types of trade agreements:

  • Free Trade Agreement (FTA): While FTAs focus on tariff concessions, CEPAs cover a broader range of economic partnership areas.
  • Preferential Trade Agreement (PTA): CEPAs offer deeper economic integration compared to PTAs, addressing not just tariffs but also services, investment, and regulatory issues.
  • Comprehensive Economic Cooperation Agreement (CECA): CECA agreements primarily address trade tariff and tariff rate quotas, whereas CEPAs are more comprehensive.
  • Bilateral Investment Treaty (BIT): BITs specifically deal with private investments, while CEPAs encompass a wider array of economic cooperation areas.

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CEPA FAQs

The India-UAE CEPA is significant as it enhances trade relations between the two countries, creating economic opportunities and promoting economic integration.

The agreement streamlines regulations, facilitating the registration and authorization process for Indian pharmaceutical products in the UAE.

CEPAs are comprehensive agreements that cover trade in goods and services, investment, regulatory issues, and more, offering deeper economic integration compared to other agreements like FTAs and PTAs.

The India-UAE CEPA covers trade in goods, services, investment, pharmaceuticals, and other economic cooperation areas.

The comprehensive strategic partnership between India and the UAE began in 2015, leading to the signing of the CEPA in 2022, reflecting the deepening economic ties between the two nations.
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