India, UAE to reassess trade agreement amid import concerns
India and the United Arab Emirates (UAE) are set to reassess their Comprehensive Economic Partnership Agreement (CEPA) this week, according to Reuters. The review comes in response to concerns raised by the Indian industry over a significant rise in precious metal imports from the UAE. The CEPA, which was signed in 2022 after just 88 days of negotiations, has since served as a model for similar trade agreements between the UAE and other countries.
UAE delegation to visit India for trade agreement review
The reassessment of the trade agreement is scheduled to take place during a visit by a UAE government delegation led by Abu Dhabi Crown Prince, Sheikh Khaled bin Mohamed Al Nahyan. The delegation will be visiting Mumbai and New Delhi this week. However, sources indicate that Sheikh Khaled, who is also the UAE's deputy national security adviser and son of its President, is unlikely to participate in the trade review discussions. He was due to arrive in India today.
India-UAE trade agreement: A significant economic partnership
The CEPA between India and the UAE came into effect in May 2022. The agreement is a significant part of the economic relationship between the two countries. India is one of the UAE's largest trading partners, and Indian citizens form the biggest community in the Gulf state, even outnumbering Emiratis. Many of these Indian citizens are employed in sectors that form an essential part of the UAE's economy.
