India-UAE CEPA Text: Investment Advice, Online Consumer Protection, Faster Work Visas

0
India and the UAE will set up technical advice on investment, trade promotion and facilitation, under the Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries last month. According to the text of the trade pact published on Sunday, in the chapter on digital trade, the two will avoid “any unnecessary regulatory burden on electronic transactions”.

For consumer protection online, the text calls for adopting and maintaining measures to protect consumers against misleading, deceptive and fraudulent commercial practices when engaging in digital commerce.

It also says that India and the UAE will expeditiously process applications for granting entry, temporary stay or work permits and extensions submitted by each other’s service providers.

The objectives of technical advice on investment, trade promotion and facilitation are to promote and strengthen cooperation and facilitation of investment and trade between the Parties; monitor investment and trade relations, identify investment and trade expansion opportunities, and identify investment and trade issues that may be appropriate for further discussion, according to the text.

The CEPA between India and UAE covers almost all tariff lines handled by India (11,908 tariff lines) and UAE (7,581 tariff lines) respectively.

“India will benefit from the preferential market access provided by the UAE on more than 97% of its tariff lines, which represent 99% of India’s exports to the UAE in terms of value, especially for all intensive sectors. such as gemstones and jewelry, textiles, leather, footwear, sporting goods, plastics, furniture, agricultural and wood products, engineering products, medical devices and automobiles,” said the Ministry of Trade and Industry in a press release.

India will provide preferential access to the UAE on over 90% of its tariff lines, including lines of export interest to the UAE.

India and the United Arab Emirates had signed a CEPA on February 18 with a view to increasing bilateral trade to 100 billion dollars over five years.

“Today’s release of the CEPA text between India and UAE is a milestone. Release of the text early in the fiscal year would help the industry to leverage this CEPA to further boost our exports,” said said Chandrajit Banerjee, chief executive of the Confederation of Indian Industry.

Regarding trade in services, India has offered access to the UAE market in about 100 sub-sectors, while Indian service suppliers will have access to about 111 sub-sectors of the 11 major service sectors such that “business services”, “communication services”, “construction and related engineering services”, “distribution services”, “educational services”, “environmental services”, “financial services”, “services related to health and social services”, “services related to tourism and travel”, “recreational, cultural and sports services” and “transport services”.

The two parties have also agreed on a separate annex on pharmaceuticals to facilitate access for Indian pharmaceuticals, in particular automatic registration and marketing authorization in 90 days for products meeting criteria. specified.

Banerjee said one of the main features of this agreement is to deepen bilateral cooperation with a view to providing more business opportunities for SMEs.

Share.

Comments are closed.