UAE and Indian officials have finished their first joint CEPA committee meeting
In New Delhi, Shri Piyush Goyal, the honourable Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, met with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
The successful conclusion of the first meeting of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) Joint Committee was discussed by both ministers during a joint news conference.
In New Delhi, Shri Piyush Goyal, the honourable Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, met with Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade.
The successful conclusion of the first meeting of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) Joint Committee was discussed by both ministers during a joint news conference.
By 2030, both nations decided to aim for non-oil commerce to reach US$100 billion, a significant increase from the US$48 billion it is at the moment.
The existing committees, subcommittees, and technical council under the CEPA will be operationalized, and a new subcommittee on Trade in Services will be established, once the two sides have assessed bilateral trade under the CEPA. In order to enable effective CEPA monitoring, it was additionally decided that the mutual exchange of preferential trade data would occur every three months.
Additionally, both parties discussed issues of mutual interest related to the World Trade Organisation (WTO) and the 13th Ministerial Conference of the WTO (MC13), which is slated to take place in Abu Dhabi the last week of February 2024.
Both parties stressed the significance of creating the UAE-India CEPA Council (UICC), which would focus on promoting export-oriented B2B collaboration for SMEs, MSMEs, and start-ups throughout the UAE and India. This will optimise the CEPA for the private sector.