India – United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA)                                                

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Context: India and United Arab Emirates have formally launched negotiations on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA).

Aim: Improving bilateral economic relations, including expanding the existing trade and investment relationship.

Significance:

• CEPA will create new jobs, raise living standards, and provide wider social and economic opportunities in both nations.
• It 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.

Current Situation:

• The UAE is currently India’s third-largest trading partner with bilateral trade in 2019/2020 valued at USD 59 billion.
• The UAE is also India’s second-largest export destination after the US, with exports valued at approximately USD 29 billion 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, precious metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat, and seafood, textiles, engineering and machinery products, 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.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1757061