INDIA UAE JOINT COMMISSION AND CEPA Flashcards
WHY IN NEWS?
EAM S Jaishankar co-chairs 14th India-UAE Joint Commission Meeting with his UAE counterpart.
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External Affairs Minister S Jaishankar co-chaired the 14th India-UAE Joint Commission Meeting with his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan yesterday. They assessed the significant progress made in multiple domains of cooperation. In a tweet, Dr. Jaishankar said, the Joint Vision of our leadership is being implemented expeditiously.
External Affairs Minister is on a three-day visit to United Arab Emirates (UAE).
Yesterday, Dr. Jaishankar visited the construction site of a Hindu temple in Abu Dhabi, said to be the first traditional temple in the Arabian Peninsula and expressed his happiness over its rapid progress. Dr. Jaishankar also visited the construction site of Bochasanwasi Akshar Purushottam Swaminarayan Sanstha (BAPS) Shri Swaminarayan Mandir in the UAE. The Shri Swaminarayan Mandir of Abu Dhabi in UAE is being built by the BAPS Swaminarayan Sanstha. The External Affairs Minister also met Sheikh Nahyan bin Mabarak Al Nahyan, Minister of Tolerance and Co-existence, and appreciated his strong support for the Indian community, yoga activities, cricket and cultural cooperation.
CEPA
India-UAE CEPA was signed on 18th February 2022, during the India-UAE Virtual Summit. The Agreement is expected to enter into force on 1st May 2022.
CEPA provides for an institutional mechanism to encourage and improve trade between the two countries.
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.
