By: IPP Bureau
Last updated : February 19, 2022 10:19 pm
The agreement also had a permanent safeguard mechanism which can be resorted to in a situation of sudden surge in imports.
UAE had agreed to automatic registration and market authorization for Indian medicines in case of their regulatory approval in developed countries such as USA, EU, UK and Japan, Piyush Goyal, Minister of Commerce & Industry. Govt. of India said after signing Comprehensive Economic Partnership Agreement (CEPA) between India and UAE.
Goyal added that the agreement also had a permanent safeguard mechanism which can be resorted to in a situation of sudden surge in imports along with strict rules of origin, which will prevent products from other countries through the CEPA route.
India and UAE signed the historic CEPA aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years.
The deal was signed during the virtual summit meeting between Prime Minister of India Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
Addressing the joint press conference with Abdulla bin Touq Al Marri, Minister of Economy (UAE) and Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, Goyal said that CEPA would generate 10 lakh jobs across multiple labour-intensive sectors like gems and jewellery, textiles, leather, footwear, furniture, agriculture and food products, plastics, engineering goods, pharmaceuticals, medical devices and sports goods etc.