The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was signed between the two nations on February 18, 2022, officially came into force from May 1.
CEPA is a watershed in the deepening bi-lateral ties between India and the UAE.
The agreement will boost trade in goods and services, increase flow of cross-border investments, create opportunities for MSMEs, generate employment, and result in growth and development of both India and the UAE and beyond.The first consignment of jewellery products from India to the UAE under the CEPA arrived at Dubai Airport on May 1.
The said consignment attracted zero Customs duty at the time of import into the UAE under this agreement.
An event was jointly held to mark the import of the first consignment from India to the UAE under CEPA at the Transguard Headquarters, Dubai Airport Free Zone.
During the event, Sunjay Sudhir, Indian Ambassador to the UAE, Juma Mohammed Al Kait, Assistant Under Secretary for International Trade Affairs, UAE, and SuoudAl Aqroubi, Director of International Cooperation, Federal Authority for Identity, Citizenship, Customs and Ports Security, handed over the consignment to the jewellery importers, namely Malabar Gold & Diamonds, Siroya Jewellers LLC and Jewel One Jewellery LLC.
The event was attended by senior officials from the Ministry of Economy, DMCC & Federal Customs Authority of UAE, Embassy of India & Consulate General of India, trade representatives, members of GJEPC, and officials of Transguardand Media.
Earlier, Secretary in the Department of Commerce, B.V.R. Subrahmanyam, flagged off the first consignment of goods from India to the UAE from New Delhi on May 1.
It is to note that India and the UAE already had a very robust bi-lateral trade of about $60 billion during the pre-COVID-19 period.
India has been the UAE's second largest trading partner and largest export destination. The UAE is India's third largest trading partner and the second largest export destination.
This concessional/free trade arrangement between the two nations will bring out the synergies and complementarities in both the economies, which will greatly benefit both the sides.
(With inputs from IANS)