UAE-India free trade pact to take effect from May

The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India will come into force on May 1.

The historic deal, which was signed in February, will help boost the non-oil trade volume between the countries to $100 billion a year within the next five years.

Some of its immediate benefits include simpler customs procedures, lower tariffs and enhanced market access, in addition to greater information and guidance for SMEs.

The UAE Ministry of Economy has launched an online information hub for UAE companies and investors looking to capitalise on the benefits provided by the pact.

"The webpage provides all the necessary resources and relevant information to private sector stakeholders and companies in the UAE who are interested in enhancing their businesses and investment in India. It also gives them an overview of this historic agreement's trade and investment opportunities and features," said Juma Al Kait, Assistant Under-Secretary of International Trade Affairs.

A team of experts have also been appointed to respond to private sector and investor inquiries about CEPA and clarify its clauses and inform companies of several trade remedies contained in the Agreement.

These include experts from the Abu Dhabi and Dubai Chambers and the Department of Economy and Tourism.

In the coming phase, the Ministry of Economy will meet with state-owned enterprises, family business conglomerates and large multinational companies to help them understand the details of the tariff reduction and removal – which covers 80 per cent of products.

Workshops will also be conducted to ensure every startup and corporation knows what to do to unlock the enormous opportunities presented by the CEPA.