The India-UAE Comprehensive Economic Partnership Agreement (CEPA), the biggest bilateral trade pact between the two major economies, was activated on Sunday.
The agreement was signed on February 18 between the two sides. Coinciding with the important occasion, Secretary, Department of Commerce, B.V.R. Subrahmanyam flagged off the first consignment of goods consisting of jewellery items from India to the UAE under the India-UAE CEPA at an event held at the New Customs House here.
Mr Subrahmanyam handed over “Certificates of Origin” to three exporters from the Gems and Jewellery sector. Under the new customs system, the consignment will attract “zero customs duty”. “The aforementioned consignment which will now attract zero customs duty under this Agreement is expected to reach Dubai today, 01, May, 2022,” declared a statement from the Ministry of Commerce and Industry.
The India-UAE CEPA is the first of the major bilateral trade pacts that India has been negotiating to kickstart international trade in the post-COVID-19 scenario. Speaking on the occasion, the Commerce Secretary said it was a “momentous occasion”. He further stated that India was negotiating trade pacts with “complementary economies” and that negotiations are currently underway with the U.K., the European Union and Canada.
The Commerce Secretary said his department was strengthening itself to be “future ready and meet the challenges of tomorrow with focus on trade promotion”.