“The easing of tariffs will cement the UAE’s status as a ‘jewelry gateway’ to the world and supersede Hong Kong and Italy,” said Shamlal Ahamed of Malabar Gold & Diamonds. “This development will make Indian-made jewelry prices even more attractive to buyers – residents, transit arrivals and tourists – in the UAE.
The big winner of the day could be the Indian pharmaceutical industry. These drugs manufactured in India and approved by the US FDA (Federal Regulatory Agency) will be able to enter the UAE market. In addition, the deadlines for carrying out the procedures have been reduced to 90 days.
This opens up significant opportunities for Indian pharmaceutical companies, which typically manufacture generic drugs at much lower retail prices than the originals.
“India has been the pharmacy of the world, but it was difficult to get its products registered in the UAE and the Gulf,” said Dr. Azad Moopen, President and CEO of Aster DM Healthcare. “CEPA has definitely made it easier for Indian pharmaceutical companies to come here, and the cost differential of their drugs can be 5-10 times lower.”
Steelmakers in the UAE and India will have their reasons for satisfaction. Their exports of value-added products to either country will fall under the tariff concession regime.
India’s sprawling plastics industry stands the chance of generating “35-40 lakh” (3.5 million to 4 million) jobs as it benefits from investment and technological know-how provided by the UAE.
According to Goyal, the CEPA agreement “is not a provisional arrangement or an interim agreement. It is a complete and comprehensive economic partnership, finalized as soon as possible, such as such a comprehensive agreement anywhere in the world has been observed in history.
“Since 2017, when the two countries engaged in a comprehensive strategic partnership covering a wide range of topics, we have witnessed a growing synergy between the two countries and a deepening of the bonds of brotherhood between the peoples of the two countries.