ind-mid east Flashcards
with which country has india signed its first deep and full free trade agreement in the past decade
uae
CEPA
Comprehensive Economic Partnership Agreement
with which other country does india have a cepa
south korea signed 2009
The Comprehensive Economic Partnership Agreement is a free trade agreement between India and South Korea. The agreement was signed on August 7, 2009. The signing ceremony took place in Seoul and the agreement was signed by the Indian Commerce Minister, Anand Sharma and South Korean Commerce Minister, Kim Jong-Hoon.
nego was completed in a record of ____ days
88
when did it enter into force
1 may
what was the first shipment
The first shipment of three packages contained approximately $1 million worth of precious gems and jewellery confirmed Indian ambassador to the UAE Sanjay Sudhir.
The consignment was flagged by the commerce secretary BVR Subrahmanyam from New Delhi at zero duty. Prior to CEPA coming into force, traders had to pay a five per cent duty on imports. However, under the new agreement, the first customers to import duty-free goods saved about $50,000 in duties.
the cepa deals with almost all tariff lines of both countries how many tariff lines does each country have
india - 11,908
uae - 7,581
when was cepa signed
18th February 2022, during the India-UAE Virtual Summit.
what will it cover
Trade-in Goods. Rules of Origin. Trade-in Services. Technical Barriers to Trade (TBT). Sanitary and Phytosanitary (SPS) measures. Dispute Settlement. Movement of Natural Persons. Telecom. Customs Procedures. Pharmaceutical products. Government Procurement. Intellectual Property Rights (IPR), Investment, Digital Trade and Cooperation in other Areas.
Trade-in Goods: India will benefit from preferential market access provided by the UAE, especially for all _- sectors.
labour-intensive
Both sides have also agreed to a separate Annex on
Pharmaceuticals to facilitate access to Indian pharmaceuticals products especially automatic registration and marketing authorisation in 90 days for products meeting specified criteria.
UAE is india’s ________ largest trading partner, how much is india-uae trade expected to go up to within 5 years of cepa
3rd 100 billion usd
From USD 180 million per annum in the 1970s, India-UAE bilateral trade has steadily increased to USD 60 billion in FY 2019-20 making the UAE, India’s third-largest trading partner.
when was india-uae’s comprehensive strategic partnership initiated
2015
modi visit to uae
16-17 aug
The UAE is also the________- export destination of India.
second-largest
The UAE is also the eighth largest investor in India with an estimated investment of_
USD 18 billion.
virtual summit on 18 feb between
modi and
His Highness Sheikh Mohammed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council.
uae is a key energy partner of india, has energy been included in cepa
no, energy and related services has been kept out of the purview of the cepa by uae
what are the exceptions to the cepa from india’s side
sensitive sectors covered under production linked incentive schemes including dairy, fruits, vegetables & nuts - 1157 products
tobacco, tea coffee, cereals, marbles toys plastics copper aluminium medical devices
tv pictures auto and auto parts
India and the UAE have recently entered into a Memorandum of Understanding (MoU) whereby the UAE has committed __billion towards infrastructure development in India.
USD 75
+ Further, in October 2021, Government of Dubai signed an MoU with the Jammu and Kashmir administration for real estate development, industrial parks, IT towers, multipurpose towers, logistics, medical college, super specialty hospital and more.
what are the types of fta
What is CEPA?
It is a kind of free trade pact that covers negotiation on the trade in services and investment, and other areas of economic partnership.
It may even consider negotiation in areas such as trade facilitation and customs cooperation, competition, and IPR.
Partnership agreements or cooperation agreements are more comprehensive than Free Trade Agreements.
CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.
India has signed CEPAs with South Korea and Japan.
What are other Types of Trade Agreements?
Free Trade Agreement (FTA):
It is an agreement in which two or more countries agree to provide preferential trade terms, tariff concession etc. to the partner country.
India has negotiated FTA with many countries e.g. Sri Lanka and various trading blocs as well e.g. Association of Southeast Asians Nations (ASEAN).
Regional Comprehensive Economic Partnership (RCEP) is a Free Trade Agreement (FTA) between the ten member states of the ASEAN and the six countries (Australia, China, Japan, South Korea, India and New Zealand) with which ASEAN has existing FTAs.
Preferential Trade Agreement (PTA):
In this type of agreement, two or more partners give preferential right of entry to certain products. This is done by reducing duties on an agreed number of tariff lines.
Tariffs may even be reduced to zero for some products even in a PTA. India signed a PTA with Afghanistan.
Comprehensive Economic Cooperation Agreement (CECA):
CECA generally covers negotiation on trade tariff and TRQ (Tariff Rate Quotas) rates only. It is not as comprehensive as CEPA. India has signed CECA with Malaysia.
Bilateral Investment Treaty (BIT):
It is a bilateral agreement in which two countries sit together and decide the conditions for private investments by citizens and firms of the two countries.
Trade and Investment Framework Agreement (TIFA):
It is a trade pact between two or more countries which establishes a framework for expanding trade and resolving outstanding disputes between countries.
when did india sign a cepa with japan
The Comprehensive Economic Partnership Agreement (CEPA) between India and Japan was signed on 16th February, 2011 and came into force from 1st August of the same year
what is the dispute settlement mechanism described in the cepa
both sides must designate a ‘contact point’ within 30 days of contract coming into force (may 1) to resolve disputes via consultation
if this does not occur, the party may request est of 3 member panel of non-nationals and non permanent residents of both countries
the cepa will likely create ___ jobs in india
10 lakh and will specifically help boost labour oriented sectors
India will benefit from preferential market access provided by the UAE on over____- of its tariff lines which account for 99% of Indian exports to the UAE in value terms, especially for all labour-intensive sectors such as Gems and Jewellery, Textiles, leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, medical devices, and Automobiles.
97 %
