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By Alexander Cornwell and Shivangi Acharya
DUBAI/NEW DELHI – Indian and Emirati officials are set to review their trade agreement this week, following concerns from the Indian industry regarding a significant rise in imports of precious metals from the UAE, according to sources familiar with the situation.
India and the UAE established the Comprehensive Economic Partnership Agreement (CEPA) in 2022 after just 88 days of discussions. This agreement has since served as a model for similar trade deals that the UAE has forged with several other countries.
An official from the Indian government, who requested anonymity, indicated that the pact would be reassessed during a visit by a UAE governmental delegation led by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan to Mumbai and New Delhi.
Another source, confirming the review, noted that while the discussions would take place, they should not be viewed as highly significant, as such reviews occur periodically.
Both the Indian trade ministry and the UAE ministry of economy did not respond to requests for comments on the upcoming review.
Indian authorities have expressed their interest in reviewing the agreement, particularly to ascertain if the stipulations regarding rules of origin are being adhered to.
According to sources, Sheikh Khaled, the son of UAE President Sheikh Mohamed bin Zayed, is not expected to actively engage in the trade review. However, he is scheduled to arrive in India on Sunday, as announced by Abu Dhabi’s government media office.
The impetus for this trade review stems partly from complaints from the Indian industry about a marked increase in precious metal imports from the UAE.
India is a major trading partner for the UAE, and Indian nationals comprise the largest expatriate community in the Gulf state, surpassing the number of Emiratis. Many Indians are employed in sectors that are crucial to the UAE’s economy.
The trade agreement came into effect in May 2022.
