The second meeting of the Joint Committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) emphasized the significant growth in bilateral trade since the agreement’s implementation. Both India and the UAE expressed optimism about achieving their target of USD 100 billion in non-oil trade by 2030, with hopes of reaching this goal well before the set deadline.
The meeting, held in the UAE on Monday, was co-chaired by Ajay Bhadoo, Additional Secretary of the Department of Commerce, Government of India, and HE Juma Al Kait, Assistant Undersecretary for International Trade Affairs, Ministry of Economy, UAE. It featured wide-ranging discussions aimed at strengthening economic ties and enhancing bilateral trade relations between the two nations.
Review of Progress Since CEPA Implementation
The meeting reviewed the progress made since the first Sub-Committee Meeting on Trade in Goods, held in January 2024. Key achievements were highlighted, and both sides agreed to continue working closely to deepen the growing economic partnership.
One of the significant outcomes of the meeting was the decision to form a technical group of experts to facilitate the exchange of trade-related data. This group will work on harmonizing bilateral trade statistics, enabling more compatible and comparable data analysis to foster mutual understanding.
Both countries committed to ensuring that UAE exporters benefit from the Tariff Rate Quotas (TRQs) provisions. India conveyed that it had revised the procedure for allocating licenses under TRQs, streamlining the process based on stakeholder feedback. This change aims to ensure smoother trade operations for both nations.
India reiterated its proposal to designate the Indian Jewellery Exposition Centre in Dubai as a “Designated Zone.” This move would allow Indian jewellery manufacturers, including non-registered entities under UAE regulations, to benefit from concessional duties. The UAE expressed willingness to consider the proposal after consulting with relevant stakeholders, including federal tax authorities.
Discussions also addressed Sanitary and Phytosanitary (SPS) and Technical Barriers to Trade (TBT) measures. India requested that the UAE recognize the i-CAS Halal scheme to simplify certification processes and boost animal product exports to the UAE.
Both sides agreed to expedite the registration and pricing mechanism for pharmaceutical products and finalize a Memorandum of Understanding (MoU) on food safety. These efforts aim to streamline trade in key sectors.
Enhancing Trade in Services
In the services sector, both countries exchanged focal points and agreed to hold the first Sub-Committee Meeting on Services Trade at the earliest opportunity. India emphasized the need for Mutual Recognition Agreements (MRAs) between professional bodies, allowing professionals such as chartered accountants, lawyers, and nurses to offer services without needing additional certifications.
India raised concerns over the recent surge in imports of silver products, platinum alloy, and dry dates, urging the UAE to ensure compliance with rules of origin norms to prevent circumvention. The UAE agreed to examine these concerns thoroughly.
The meeting concluded with both sides agreeing to hold the next Joint Committee meeting in India at a mutually convenient date. The visit by the Indian delegation reflects the strong commitment to regular exchanges and ongoing efforts to strengthen the close ties of friendship and cooperation between India and the UAE.