UAE businesses applaud India-UAE CEPA pact, hail optimism

UAE businesses applaud India-UAE CEPA pact, hail optimism

The pact covers areas including goods, services, rules of origin, customs procedures, government procurement, intellectual property rights, and e-commerce. — Wam

Under such agreements, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them.

Published: Sat 19 Feb 2022, 3:09 AM Last updated: Sat 19 Feb 2022, 3:15 AM

The UAE businesses have applauded the historic Comprehensive Economic Partnership Agreement (CEPA) signed with India on Friday. The agreement promises to boost trade relations for both nations. The pact covers areas including goods, services, rules of origin, customs procedures, government procurement, intellectual property rights, and e-commerce.

Under such agreements, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they also liberalise norms to enhance trade in services and boost investments.

Industry reactions:

Yusuffali MA, Chairman of Lulu Group and Vice-Chairman of Abu Dhabi Chamber of Commerce:

“It is truly a landmark and very decisive moment in the long-standing Indo-UAE trade relations as both countries ink the Comprehensive Economic Partnership Agreement (CEPA). UAE & India are each other’s key trade partner with robust trade and investments in various sectors in both countries. No doubt with the signing of CEPA, many new avenues of