UAE trade deal with India launches on 1 May
The much-lauded Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India will come into effect on 1 May, providing significant benefits to Emirate and Indian businesses, including better market access and reduced tariffs.
To help organisations understand what the new deal will bring the UAE’s Ministry of Economy has launched a new information portal. This provides an explanation of all 18 chapters of the CEPA, and outlines the steps that companies in the UAE can adopt to forge or expand their business in India.
The assistant undersecretary of International Trade Affairs, Juma Al Kait, said: “The webpage provides all the necessary resources and relevant information to private sector stakeholders and companies in the UAE who are interested in enhancing their businesses and investment in India. It also gives them an overview of the trade and investment opportunities and features of this historic agreement.”
He said the information hub “provides comprehensive and clear details for each sector including tariff structures, rules of origin, differential treatment, customs procedures, digital trade, which will help entrepreneurs identify the rules and tariffs that apply to their businesses and products, as well as the certificates that must be obtained to enter the Indian market under the new regulations”.
There is also a dedicated advice section for SMEs.
Juma Al Kait added: “This comprehensive knowledge base enhances the access of exporters, suppliers, investors, entrepreneurs, innovators, and talents to new opportunities under the scope of this Agreement, thereby strengthening their ability to develop specific expansion strategies focused on the Indian market.”
The Ministry of Economy’s launch of the hub is part of its plan to provide private sector companies with the tools, knowledge, and information they need to deepen trade relations with India, which has the world’s fifth largest economy.
These efforts will help increase the volume of UAE-India non-oil trade to $100 billion a year within next five years.
Ask the experts
A team of experts have also been appointed to respond to private sector firms’ and investor inquiries about CEPA, as well as to inform companies of several trade remedies contained in the agreement. These include a number from the Abu Dhabi and Dubai Chambers and the Department of Economy and Tourism.
In the coming phase, the UAE Ministry of Economy will meet with state-owned enterprises, family business conglomerates and large multinational companies to help them understand the details of the tariff reduction and removal – which covers 80% of products.
Click here to access the new information hub