India and the UAE on Sunday have agreed to set up a technical council on Investment, Trade Promotion and Facilitation, as part of the Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries last month.
India and the UAE on February 18 had signed CEPA with a view to boosting bilateral trade to USD 100 billion over a five-year period and creation of lakhs of jobs.
The pact covers areas including goods, services, rules of origin, customs procedures, government procurement, intellectual property rights, and e-commerce.
Under the agreement, the two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them.
“UAE will be chaired by the Under Secretary of the Ministry of Finance, or the authorised representative thereof, and India will be chaired by the Joint Secretary (or equivalent), Department for Promotion of Industry and Internal Trade, Government of India,” the text of the CEPA agreement released on Sunday said.
The objectives of the council are to promote and enhance investment and trade cooperation and facilitation between the parties; monitor investment and trade relations, identify opportunities for expanding investment and trade, and to identify issues relevant to investment and trade that may be appropriate for further discussion, the text said.
It will also hold consultations on specific investment and trade matters of interest to the parties besides working toward the promotion of investment and trade flows, it said.
The council will also identify and work towards the removal of impediments and facilitate investment and trade flows and seek views of the private sector.
“The parties shall avail themselves of the opportunity to discuss and resolve the issue amicably in the council keeping in mind the objective of promoting and facilitating trade and investment,” it added.
The UAE is India’s third-largest trade partner.
Bilateral trade between India and the UAE stood at USD 43.3 billion in 2020-21.
Exports were worth USD 16.7 billion and imports aggregated at USD 26.7 billion in 2020-21.
The two-way commerce stood at USD 59.11 billion in 2019-20.
