The second meeting of the Joint Committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) celebrated the growth in bilateral trade within two years of CEPA’s implementation. Both nations expressed confidence in surpassing the target of USD 100 billion in non-oil trade well ahead of the 2030 deadline.
Wide-ranging discussions aimed at further strengthening trade relations were held, as confirmed by the Ministry of Commerce and Industry. The meeting, held in the UAE on Monday, was co-chaired by Ajay Bhadoo, Additional Secretary of India’s Department of Commerce, and HE Juma Al Kait, Assistant Undersecretary for International Trade Affairs, UAE Ministry of Economy.
Key topics included boosting bilateral trade and resolving issues to deepen economic ties. The progress since the 1st Sub-Committee Meeting on Trade in Goods, held in January 2024, was also reviewed.
Both sides agreed to establish a technical group of experts to facilitate timely trade data exchange and harmonize bilateral trade statistics. This initiative will ensure compatible data analysis, enhancing mutual understanding.
On Tariff Rate Quotas (TRQs), both nations pledged to work closely to maximize UAE exporters’ benefits from the provisions. India revised its licensing procedures under TRQs, based on stakeholder input, to streamline the process.
India reiterated its request to designate the Indian Jewellery Exposition Centre in Dubai as a “Designated Zone,” allowing Indian manufacturers to benefit from concessional duties. The UAE expressed willingness to consider the proposal after further consultations with stakeholders, including federal tax authorities.
Sanitary and Phytosanitary (SPS) and Technical Barriers to Trade (TBT) measures were also discussed, with India urging the UAE to recognize the i-CAS Halal scheme to boost exports of animal products. Both sides agreed to expedite the registration of pharmaceutical products and finalize an MoU on food safety.
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In the services trade, both nations exchanged focal points and agreed to hold the first sub-committee meeting soon. India emphasized the need for Mutual Recognition Agreements (MRAs) between professional bodies, allowing professionals like accountants, lawyers, and nurses to operate without additional certification.
India also raised concerns over the rise in imports of silver, platinum alloy, and dry dates, asking the UAE to ensure compliance with rules of origin. The UAE agreed to review these concerns.
The next JC meeting will be held in India at a mutually convenient date, reflecting both nations’ commitment to strengthening their partnership.