India and the United Arab Emirates (UAE) signed a Comprehensive Economic Partnership Agreement (CEPA), the first free-trade agreement in more than a decade, disclosed Indian Ambassador H.E. Sibi George, in a press briefing held at the Indian embassy last week to highlight India’s increased focus on trade with the region .
Ambassador George said the agreement, which covers a wide spectrum of trade relations, including goods and services and digital trade, will come into effect from May, and provide preferential access to a large portion of India’s exports to the UAE.
The CEPA, will allow India to benefit from preferential market access of Indian exports to the UAE in value terms, especially for all labor-intensive sectors such as gems and jewelry, textiles, leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, medical devices, and automobiles,” he said.
Ambassador also spoke about the success of three Ts (trade, technology and tourism). “India has made a quantum jump in international trade. A new record of $400 billion of exports has made a mark in the global arena, he added.
The event also saw a celebration of the Indian festival of Holi, the color-filled festival that celebrates the coming of spring, with the various colors used in Holi celebrations reflecting the different hues of the spring season.