India and UAE sign the historic CEPA
Part of: GS-2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
In News: India and UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years.
- India- UAE CEPA sees many firsts including automatic authorization for Indian pharma products, strict rules of origin and safeguard mechanism against surge in imports
- CEPA to generate 10 lakh jobs across labour-intensive sectors such as Textiles, Gems & Jewellery, Leather, Footwear, Pharma, Agriculture products, Medical Devices, Plastics, Sports Goods and Automobiles
Both nations believe in rules based fair trade, in engaging with each other in a spirit of reciprocity and were determined that people and businesses of both countries must mutually benefit from the deepening engagement.
News Source: PIB