India-UAE Trade Agreement Under Review Amid Import Concerns

New Delhi, Sep 9 (KNN) Indian and Emirati officials are set to review their Comprehensive Economic Partnership Agreement (CEPA) this week, according to sources familiar with the matter.

The review comes in light of concerns raised by Indian industry regarding a significant increase in precious metal imports from the United Arab Emirates, reported Reuters.

The CEPA, signed in 2022 after a remarkably brief 88-day negotiation period, has since become a model for similar trade pacts between the UAE and other nations.

The agreement's review is expected to coincide with a visit by a UAE government delegation to Mumbai and New Delhi, led by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan.

While confirming the scheduled review, government officials from both sides have downplayed its significance, stating that such assessments are routine.

The Indian government is reportedly seeking to examine various aspects of the agreement, including compliance with rules of origin.

The review process has been partially prompted by concerns within Indian industry about the sharp rise in precious metal imports from the UAE since the agreement took effect in May 2022.

However, it is unlikely that Crown Prince Sheikh Khaled, who also serves as the UAE's deputy national security adviser, will participate directly in the trade discussions.

India and the UAE maintain strong economic ties, with India being one of the UAE's largest trading partners.

The Indian community in the UAE is the largest expatriate group, playing a crucial role in various sectors of the Emirati economy.

Neither the Indian trade ministry nor the UAE ministry of economy have responded to requests for comment on the upcoming review.

As both nations prepare for these discussions, the outcome of this review could have significant implications for the future of India-UAE trade relations and potentially influence similar agreements in the region.

(KNN Bureau)