It is a free trade pact.It covers negotiation on trade and services, investment and other economic partnerships.It also includes competition, cooperation and Intellectual Property Rights.
It also looks in to the regulatory aspects of trade between the countries.As of March 2021, UAE is the third largest investor in India. The Indian companies have invested 85 billion USD in UAE. The major imports to India from UAE are petroleum products, stones, jewellery, gems. The major exports are minerals, precious metals, gems. With CEPA, the bilateral trade is to increase to 100 billion USD within 5 years.
PTA: Preferential Trade Agreement: This focuses on reducing the import or export duties of specific goods.CECA: Comprehensive Economic Cooperation Agreement: It covers negotiation on Tariff Rate Quotas and trade tariff.
BIT: Bilateral Investment Treaty: Under this agreement, the countries decide on the conditions for private investment. TIFA: Trade and Investment Framework Agreement: It establishes a framework to expand the trade.
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