Interim Agreement on India-Australia CECA to be signed soon
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) is expected to increase bilateral trade in goods to US$100 billion within five years of the signed agreement which is expected by March 2022.
Trade in services under this new strategic economic pact with the United Arab Emirates is expected to increase to US$15 billion, Commerce and Industry Ministry said on 30 Dec 2021 in its year-end review.
During the negotiations, both sides reiterated the importance of the CEPA and its potential to not only expand economic and investment opportunities, but mark a new phase of cooperation and collaboration.
Two rounds of negotiations have been held so far and both sides are aiming to conclude the negotiations by December 2021.
The CEPA negotiations were launched on 22 September 2021.
Negotiations are at an advance stage and an Interim Agreement is expected soon for the India-Australia Comprehensive Economic Cooperation Agreement (CECA), said the Ministry.
The key CECA negotiating are on Trade in Goods, Services, Investment, Rules of Origin, Customs Facilitation, Legal and Institutional issues among others.
Both countries expect to sign CEPA by end of 2022.
Meanwhile, the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), which came into force from 1 April 2021, covers 310 export items for India, said the Ministry in update on a number of trade pacts being initiated and negotiated.
As regards trade in services, Indian service providers will have access to around 115 sub-sectors from the 11 broad service sectors, said the Ministry.
Signed on 22 Feb 2021, the CECPA is a first trade Agreement with an African country.
It covers 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, Financial services, Customs Procedures and Cooperation in other Areas.
The India-Mauritius CECPA provides for an institutional mechanism to encourage and improve trade between the two countries, the Ministry added. fiinews.com
