Post by : Badri Ariffin

The economic partnership between India and the United Arab Emirates (UAE) is set for deeper collaboration as the nations work on refining the India-UAE Comprehensive Economic Partnership Agreement (CEPA). With bilateral trade already surpassing the $100 billion threshold in 2024-25, representing a 19.6% growth from the prior year, both countries are keen to expand this momentum.

During a recent Joint Committee meeting, significant topics such as market access, gold import quotas, data exchange, and trade in services were thoroughly explored. India introduced a new system for allocating Gold TRQ (Tariff Rate Quota) via competitive bidding, aimed at promoting fairness in resource distribution and enhancing trade efficiency.

The dialogue also emphasized improving regulatory collaboration in pharmaceuticals, tackling issues related to Certificates of Origin, and hastening a memorandum of understanding on Food Safety and Technical Requirements between India’s APEDA and the UAE Ministry of Climate Change and Environment. These initiatives are predicted to streamline trade processes and ensure adherence to international standards.

Both nations reaffirmed their goal of boosting non-oil and non-precious metal trade to $100 billion by 2030. Analysts suggest these discussions indicate a broader effort to diversify economic ties and reduce trade barriers, promoting investments in various sectors outside of energy and commodity markets.

As CEPA facilitates deeper economic integration, India and the UAE are poised to harness each other’s strengths, leveraging India’s expanding manufacturing and service industries alongside the UAE’s strategic location as a premier trade hub in the Gulf.

#India News #Business News #UAE News