Latest news with #CEPA
Time of India
an hour ago
- Business
- Time of India
India-UAE Trade at $100 bn since signing CEPA
India-UAE bilateral trade has risen to $100.06 billion in FY25 from $72.87 billion in FY22 since the signing of India-UAE Comprehensive Economic Partnership Agreement ( CEPA ) on February 18, 2022 and came into force on May 1, 2022. India's merchandise exports to UAE have grown to $36.63 billion in 2024-25 from $28.04 billion in 2021-22, a growth of 7%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Walgreens Won't Like This: A Legal 87¢ Generic Viagra Trick for Everyone fridayplans Learn More Undo
Al Etihad
2 hours ago
- Business
- Al Etihad
UAE, EU explore ways to enhance trade, investment relations
BRUSSELS (WAM) Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with Maroš Šefčovič, European Commissioner for Trade, to discuss the strengthening of bilateral relations between the UAE and the European Union. The meeting in Brussels was also an opportunity to review progress on the negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), following the first round of discussions held in June and early July. As UAE-EU bilateral relations continue to strengthen, the UAE-EU CEPA is anticipated to play a vital role in enhancing trade ties, fostering investment opportunities, and driving economic growth between the two parties. Both parties expressed optimism about the progress and potential benefits of the agreement. In 2024, non-oil trade between the UAE and the EU reached $67 billion, reflecting a 2.4% growth over the previous year. The EU continues to be a significant trade partner for the UAE, accounting for 8.3% of its total non-oil trade. Al Zeyoudi remarked, 'Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors. This growth in trade is aligned with our mutual interests and highlights the importance of collaboration in areas such as energy transition, advanced technology, and food security.' The meeting served as a platform for both parties to discuss strategies for increasing investments in high-growth sectors, including renewable energy and advanced manufacturing. The UAE has already established significant partnerships with EU nations, reinforced by ongoing projects in solar energy and innovative technologies. The UAE delegation to Brussels included Mohamed Al Sahlawi, UAE Ambassador to Belgium, the European Union and Luxembourg, and Juma Al Kait, Assistant Undersecretary at the UAE Ministry of Foreign Trade. As the UAE continues to diversify its economy, the CEPA programme represents a strategic pillar of its foreign trade agenda. By solidifying trade relationships with key partners like the EU, the UAE aims to enhance access to global markets and stimulate sustainable economic development.
Time of India
6 hours ago
- Business
- Time of India
Rs 21,534 crore incentives disbursed under 12 PLI schemes till June 24: Govt to Parliament
New Delhi: Actual investment of Rs. 1.76 lakh crore have been realized till March 2025 across 14 sectors covered under the Production Linked Incentive (PLI) scheme, led to incremental production/sales of over Rs 16.5 lakh crore and employment generation of over 12 lakhs (direct and indirect), commerce and industry ministry told Lok Sabha Tuesday. Cumulative incentive amount of Rs 21,534 crore have been disbursed as on June 24, 2025 under the PLI scheme for 12 sectors including large scale electronics manufacturing, IT hardware and bulk drugs. As on date, 806 applications have been approved under PLI schemes across 14 sectors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 1 minute and see why everyone is addicted. Undo The production of mobiles in value terms has increased almost 146% to Rs 5.25 lakh crore in 2024-25 from Rs 2.13 lakh crore and their exports rose 775% to Rs 2 lakh crore in FY25 from Rs 22,870 crore in 2020-21. Under the PLI scheme for medical devices, 21 projects have started manufacturing 54 unique medical devices. Live Events The pharmaceuticals sector has witnessed cumulative sales of Rs 2.66 lakh crore which includes exports of Rs 1.7 lakh crore achieved in the first three years of the scheme. The scheme has contributed to India becoming a net exporter of bulk drugs (Rs 2,280 crore) from a net importer of Rs 1,930 crore. 'A number of foreign companies have established or expanded their operations in India under the PLI scheme. For example, Apple, a global smartphone company, has shifted its suppliers to India viz. Foxconn, Wistron and Pegatron,' the commerce and industry ministry said. UAE FTA India-UAE bilateral trade has risen to $100.06 billion in FY25 from $72.87 billion in FY22 since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022 and came into force on May 1, 2022, the ministry said. India's merchandise exports to UAE have grown to $36.63 billion in 2024-25 from $28.04 billion in 2021-22, exhibiting a growth of 7%. Key sectors that have seen increase in exports from India since CEPA came into force are engineering goods, gems & jewellery, agricultural products, marine products, pharma and electronics. The CEPA between India and the UAE covers almost all tariff lines of India (11,908) and the UAE (7,581), respectively. India benefits from preferential market access provided by the UAE on over 97% of its tariff lines which account for 99% of India's exports to the emirates. Tobacco Customs Field Formations and Directorate of Revenue Intelligence have seized around 3.93 crore sticks of cigarettes in the current financial year upto June, 2025 and 61 cases of Guthka/Chewing Tobacco/Cigarettes/ Pan Masala involving tax amounting to Rs 104.38 crore approximately have been detected, Lok Sabha was informed.
Scoop
13 hours ago
- Business
- Scoop
UAE Deal Passes, Unlocking $500 Billion Market
Minister for Trade and Investment Minister of Agriculture The NZ-UAE Comprehensive Economic Partnership Agreement (CEPA) legislation has passed into law today, clearing the way for Kiwi exporters to tap into a $500 billion market that imports 90 per cent of its food, Agriculture, Trade and Investment Minister Todd McClay announced. 'The NZ-UAE CEPA delivers real benefits for New Zealand exporters, lowering costs, increasing access, and securing a stronger presence in the Middle East,' Mr McClay says. This is the highest-quality, and fastest, agreement negotiated by New Zealand that will immediately remove tariffs on 98.5 per cent of New Zealand's exports upon entry to force, rising to 99 per cent in three years. 'This high-quality trade agreement builds on New Zealand's strengths. UAE consumers are actively seeking safe, fresh products from around the world and are willing to pay more for them. This agreement gives New Zealand exporters an opportunity to lead in this competitive market,' Mr McClay says. Two-way trade between New Zealand and the UAE was worth $1.35 billion last year, and the CEPA will accelerate growth by reducing red tape, boosting services trade, and supporting investment links. 'Trade agreements are about opening doors and levelling the playing field for New Zealand exporters,' Mr McClay says. 'The CEPA is another step toward achieving the Government's goal of doubling the value of exports in 10 years. Growing our trade relationships helps boost the economy, lift incomes, and provide the public services Kiwis deserve.' The CEPA will enter into force following ratification procedures by both parties.
Business Times
2 days ago
- Business
- Business Times
Indonesia's EU free trade push signals pivot from China-US dominance
[JAKARTA] Indonesia's bid to finalise its long-delayed free trade agreement with the European Union is being seen as a strategic shift in the nation's trade policy, as South-east Asia's largest economy looks to reduce its reliance on major partners such as China and the US. Known as the Indonesia-EU Comprehensive Economic Partnership Agreement (CEPA), the deal has been under negotiation for more than a decade. But recent high-level engagements, including President Prabowo Subianto's visit to Brussels on Jul 13, signal that the agreement could finally be sealed by September this year. Analysts said that Indonesia, currently grappling with 19 per cent US import tariff and declining key commodity exports amid China's economic slowdown, could find much-needed relief if the free trade agreement with the EU is finalised. 'This is a new lifeline for Indonesia's industry,' said Andry Satrio Nugroho, head of the Center of Industry, Trade and Investment at the Institute for Development of Economics and Finance (Indef). Casting a wider net The agreement comes at a time when many countries are recalibrating their trade relationships due to rising geopolitical tensions and tariff barriers. Rory O'Donnell, partner for international agriculture, food and trade at Penta Group, noted that the global trade landscape has shifted significantly since the US re-introduced sweeping tariffs under Trump 2.0. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up He said that many Asean countries are currently engaged in trade discussions with the EU, reflecting a broader regional effort to diversify international trade partnerships. 'We have noticed increased trade activity across the world since the announcement of tariffs by (US) President (Donald) Trump in April,' he added. 'One of the big impacts of the tariffs announcements has been countries seeking to diversify their supply chains as some sort of protection against these tariffs.' The EU estimates that a finalised trade agreement with Indonesia could lift bilateral trade by around eight billion euros (S$12 billion), while Jakarta projects that the pact could drive a 50 per cent surge in exports to Europe. Coordinating Minister for Economic Affairs Airlangga Hartarto said that the agreement would grant Indonesia zero tariffs on nearly 80 per cent of its exports to the EU, along with the removal of various non-tariff barriers. Over the long term, the agreement could unlock up to US$60 billion in economic value and open access to new market opportunities across a combined population of 700 million in Europe and Indonesia. For Indonesia, the agreement represents more than just increased market access. Expanded access to the European market serves as a ray of hope for Indonesia's labour-intensive industries, such as footwear, which are facing a looming wave of lay-offs and the threat of 19 per cent tariffs from the US. Yoseph Billie Dosiwoda, executive director of the Indonesian Footwear Association, said that if the CEPA trade agreement is finalised, it could create millions of new jobs at home. Last year, Indonesia's footwear exports to the EU reached US$1.7 million, making it one of the country's top markets after US and China. Analysts said it reflects a broader strategic shift away from overdependence on the world's two dominant economies. For decades, Indonesia leaned heavily on China and the US as its primary export markets. But escalating tariffs, geopolitical friction and a slowing Chinese economy have exposed the vulnerability of such reliance. 'Indonesia is clearly looking for other markets, given the uncertainty in its relationship with the US,' said O'Donnell. 'This doesn't mean abandoning the US altogether, but it shows a desire to build more resilience.' Nugroho from Indef highlighted that China's economic slowdown has underscored the risks of overreliance on a single export market. The need to diversify has become especially pressing for Indonesia's downstream commodities. Exports such as ferro-nickel, once absorbed largely by China, are now seeking new destinations amid weakening demand. Official data shows that several European countries – including Italy, the Netherlands and Belgium – have already begun importing these products, albeit in smaller volumes. Indonesia's urgency to finalise the agreement is also shaped by growing regional competition. If successful, the deal would make Indonesia the third Asean country – after Singapore and Vietnam – to secure a free trade pact with the EU. 'Indonesia risks being left behind if it doesn't secure its own deal. This is a necessary move to remain competitive,' said Nugroho. Indonesian President Prabowo Subianto (centre) in Brussels; the Indonesian government hopes that the deal will boost value-added production in sectors such palm oil, nickel and copper – where the country still exports mostly raw or semi-processed goods despite strong upstream capacity. PHOTO: INDONESIA PRESIDENTIAL SECRETARIAT Attractive market European business leaders are welcoming the prospect of a deal. Chris Humphrey, executive director of the EU-Asean Business Council, told BT that EU companies have long regarded Indonesia as a strategic market within South-east Asia. 'Our members have been pressing for the completion of CEPA for many years,' he said. 'While we need to see the final details, there is growing optimism.' The CEPA is expected to generate mutual gains across a wide range of sectors. For Indonesia, key beneficiaries are likely to include palm oil, coffee, cocoa, footwear and textiles – industries where the country already maintains a significant global presence but faces various tariff and non-tariff barriers in European markets. O'Donnell noted other areas such as automotive, green technologies and critical raw materials that would also be important aspects of any deal. The Indonesian government hopes the deal will boost value-added production in sectors such palm oil, nickel and copper – where the country still exports mostly raw or semi-processed goods despite strong upstream capacity. On the other side, EU producers could see expanded access to the Indonesian market for high-demand goods such as dairy products, meat, and processed foods. Last year, total trade between Indonesia and the EU stood at US$30.1 billion (or 27.3 billion euros), with the EU exporting 9.7 billion euros worth of goods to Indonesia and importing 17.5 billion euros in return. Humphrey from the business council added that the deal could unlock greater investment opportunities, especially if Indonesia addresses long-standing concerns over its local content requirements and non-automatic import licensing – both of which are often seen by trading partners as de facto non-tariff barriers. 'If those issues are tackled, I would expect increased investor interest in Indonesia,' he said. 'It would also enhance Indonesia's role in global supply chains, especially around sustainability and ethical sourcing.' Indonesia, the world's largest palm oil producer, has repeatedly faced export hurdles in Europe due to ongoing concerns over deforestation. PHOTO: AFP A high bar to clear While optimism is growing, experts cautioned that ratification and implementation could take time. Even if the deal is signed this year, it must still be ratified by both the EU and Indonesian legislatures, a process that could stretch into 2027. Non-tariff barriers remain another major challenge. Nugroho said that EU sustainability rules set a high bar to clear for Indonesian exporters. Indonesia, the world's largest palm oil producer, has repeatedly faced export hurdles in Europe due to ongoing concerns over deforestation. Most recently, Indonesia faced the EU Deforestation Regulation, which required proof that goods were not produced on deforested land. However, its implementation was delayed after pushback in the European Parliament. 'Many of Indonesian products still fall short of EU certification requirements,' Nugroho said. 'This is where the government must step in, especially to support SMEs (small and medium-sized enterprises) and commodity producers in raising their standards.'
