India-UAE trade pact: Comm min to soon come out with detailed FAQs

 New Delhi: The commerce ministry will soon come out with detailed FAQs (frequently asked questions) on the recently implemented free trade agreement between India and the UAE to help the domestic industry understand the benefits of the pact simply, an official said.

The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was signed on February 18, has come into force on May 1.

The official said the FAQs would provide answers to questions including on benefits of the pact for the domestic industry; the tariff concessions offered by India and the UAE to each other in goods; important categories of products in the exclusion list; export opportunities for India; and definition of ‘originating products’ under the agreement.

Answers to these questions would help the industry easily understand the benefits for their concerned sectors.

Under the agreement, India will benefit from the preferential market access provided by the UAE on over 97 percent of its tariff lines (or products) which account for 99 percent of Indian exports to the UAE in value terms.

Labor-intensive sectors which will get a major boost include gems and jewelry, textiles, leather, footwear, sports goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical devices, and automobiles.

Further, Indian service providers will have enhanced access to around 111 sub-sectors from the 11 broad service sectors.

The pact is expected to increase the total value of bilateral trade in goods to over USD 100 billion and trade in services to over USD 15 billion within five years.