May 11, 2023
1 min read

IJEX in Dubai commemorates India-UAE CEPA

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…reports Asian Lite News

India and the UAE 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. (ANI)

ALSO READ: UAE, Tajikistan sign air transport services deal

Previous Story

Tourism in Italy sets to smash record this year

Next Story

Biden thanks UAE for enhancing agri innovation drive

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power

OPEC+ accelerates oil output hikes

Despite the production boost, the group emphasised that future adjustments remain flexible and could be paused or reversed depending on market conditions. Eight OPEC+ nations have unexpectedly decided to accelerate their oil
Go toTop

Don't Miss

Houthis warn of more attacks in UAE

The UAE state media reported earlier on Monday that three

IDEX-NAVDEX: Lockheed Martin to display next-sen security tech

Participating under the theme ‘Partnering for Security and Prosperity,’ Lockheed