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The full form of CEPA is the Comprehensive Economic Partnership Agreement. It was signed by the Government of the Republic of India and the Government of the United Arab Emirates (UAE). India-UAE CEPA was signed on 18th February 2022 during the India-UAE Virtual Summit. Moreover, it subsequently came into effect on 1st May 2022. To sum it up in a few words, CEPA offers a mechanism to foster and improve trade between the two involved countries.
Table of Contents
Who Signed CEPA with India?
The historical India-UAE Comprehensive Economic Partnership Agreement was signed on February 18, 2022. All this happened during the virtual summit which was attended by Indian Prime Minister Narendra Modi and President of the UAE Sheikh Mohamed bin Zayed Al Nahyan.
Also Read: What is the Full Form of RCEP?
Which Country Signed CEPA?
CEPA is a free trade pact that includes negotiations in different areas such as services, investment, Intellectual property rights (IPR), and so on. India has signed CEPAs with South Korea, Japan, Singapore, and more.
Salient Features of India-UAE CEPA
Here are a few salient features of India-UAE CEPA:
- Rules of Origin
- Trade-in Services
- Trade-in Goods
- Dispute Settlement
- Telecom
- Movement of Natural Persons
- Sanitary and Phytosanitary (SPS) measures
- Government Procurement
- Pharmaceutical Products
- Customs Procedures
Also read: What is the Full Form of LLP?
How is CEPA Different from an FTA?
| Parameters | CEPA | FTA |
| Full form | The full form of CEPA is Comprehensive Economic Partnership Agreement. | The full form of FTA is Free trade Agreement. |
| Scope | It offers in-depth engagement and aims for MRAs or Mutual Recognition Agreement. | It priortizes goods with a limited coverage of other areas. |
| Depth | It offers in-depth engagement and aims for MRAs or Mutural Recognition Agreement. | FTA does not offer as detailed engagement as CEPA as it is more focused on tariff reduction. |
| Examples | India-UAE CPA and India-South Korea CEPA | NAFTA and Japan-Australia FTA |
Other CEPA Full Forms
Some other full forms of CEPA are –
- Chloroethyl phosphonic acid
- Closure Economic Partnership Arrangement
- Certified Exit Planning Advisor Program
FAQs
India is under negotiation with countries like – Bangladesh (CEPA), Canada (CEPA),Oman (CEPA), etc.
Free Trade Agreement
CEPA helps in removing the technical barriers to trade along with eliminating or reducing the custom tariffs.
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