New Delhi [India], May 10 : India and the United Arab Emirates celebrated the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA). Commemorating the first year of India-UAE CEPA, the apex trade body Gem and Jewellery Export Promotion Council (GJEPC) launched the first-of-its-kind India Jewellery Exposition Centre (IJEX) - a round-the-year exhibition platform in Dubai.
India-UAE CEPA was signed on February 18, 2022, in New Delhi during the India-UAE Virtual Summit held between Prime Minister Narendra Modi and Sheikh Mohammed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi.
The negotiations for India-UAE CEPA were concluded in a record span of 88 days. The agreement entered into force on May 1, 2022.
Since the Middle East market accounts for 30 per cent of India's gem and jewellery exports, the exhibition centre will enable India's MSME manufacturers to take advantage of India-UAE CEPA to expand in the region.
The trade deal between the countries has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16 per cent to reach USD 84.5 billion in the fiscal year 2022-23, up from USD 72.9 billion the previous year.
India's exports to the UAE grew by 11.8 per cent to USD 31.3 billion, with the gem and jewellery sector witnessing an impressive surge of 16.54 per cent to USD 5.77 billion.
"CEPA is one of the most ambitious pacts. The depth and range of market access and services it provides is unprecedented, benefitting all stakeholders. India's exports to UAE have exceeded USD 30 billion, with gems & jewellery and plastics deriving benefits from lower-priced inputs. GJEPC has set up IJEX and I see tremendous value in such initiatives. CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships," Rajesh Kumar Singh, Secretary at DPIIT under the Ministry of Commerce & Industry said.
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