India-UAE JC Meeting Focuses on Bilateral Trade Growth, Aims for USD 100 Billion Non-Oil Trade by 2030

India-UAE JC Meeting Highlights Strong Bilateral Trade Growth, Targets USD 100 Billion by 2030

New Delhi [India], October 15: The second Joint Committee (JC) meeting under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) acknowledged the significant growth in bilateral trade during the first two years of CEPA’s implementation. Both parties expressed confidence in achieving the USD 100 billion target for non-oil trade well before the 2030 deadline.

According to the Ministry of Commerce and Industry, the conference included lengthy discussions aimed at strengthening trade relations and leveraging the growing economic collaboration.

The meeting took place in the UAE on Monday and was co-chaired by Ajay Bhadoo, Additional Secretary of the Department of Commerce, Government of India, and HE Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, UAE.

Key discussions centered on improving bilateral trade and addressing crucial issues to fortify economic connections.

A review of progress since the first Sub-Committee Meeting on Trade in Goods, conducted in January 2024, highlighted several important achievements.

Both nations agreed to establish a technical group of experts to facilitate the efficient and timely exchange of trade-related data. This group will meet soon to obtain insights into each other’s statistical systems and establish ways for harmonizing bilateral trade statistics, enabling for compatible and comparable data analysis that improves mutual understanding.

Regarding the introduction of Tariff Rate Quotas (TRQs) for specific items, both countries agreed to work closely to ensure that UAE exporters may fully benefit from these rules. The Indian side stated that the mechanism for allocating licenses under TRQs has been altered in response to stakeholder comments to simplify operations. India reiterated its appeal to designate the Indian Jewellery Exposition Centre in Dubai as a “Designated Zone,” which would enable Indian jewellery manufacturers, including non-registered entities under UAE regulations, to benefit from reduced duties. The UAE stated willingness to accept this suggestion after speaking with relevant stakeholders, including federal tax officials.

Further negotiations focused on sanitary and phytosanitary (SPS) measures, as well as technical trade barriers (TBT). India proposed that the UAE recognise the i-CAS Halal scheme, which would streamline the certification procedure and increase animal product exports to the UAE.

Both sides also agreed to expedite the registration and reference pricing process for pharmaceutical products and to finalise a Memorandum of Understanding (MoU) concerning food safety.

In terms of services trade, both nations exchanged focal points and agreed to convene the first Sub-Committee Meeting on Services Trade at the earliest opportunity.

India underscored the importance of Mutual Recognition Agreements (MRAs) between professional bodies in both countries, which would allow professionals like chartered accountants, lawyers, and nurses to provide their services without needing additional certification. An actionable plan for establishing MRAs will be developed.

India also voiced worry over the recent surge in imports of silver products, platinum alloys, and dried dates, urging the UAE to guarantee compliance with rules of origin norms and prevent any circumvention. The UAE has pledged to thoroughly explore these concerns.

The discussion ended with both parties agreeing to have the next JC meeting in India at a mutually agreeable time. The Indian delegation’s visit demonstrates a strong commitment to frequent interactions and continued efforts to strengthen the deep relationship and collaboration between India and the UAE.