<\/p>\n
News<\/span><\/b>: Recently, the <\/span>Comprehensive Economic Partnership Agreement (CEPA<\/span><\/b>) was signed between India and the United Arab Emirates<\/a><\/strong><\/span> last month. <\/span><\/p>\n Further, such a free trade agreement is also going to be signed between India and Australia.\u00a0<\/span>\u00a0<\/span><\/p>\n What are the provisions in the India-UAE trade deal?<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n The deal provides for <\/span>harmonisation in the regulatory system<\/span><\/b>. It also attempts to address <\/span>tariff-based trade issues<\/span><\/b>. For example, <\/span>pharmaceutical products<\/span><\/b> from Indian companies that were subjected to high regulatory bars in the Western countries will to receive time-bound regulatory nods by the UAE authorities.<\/span>\u00a0<\/span><\/p>\n Read more here<\/a><\/strong><\/span><\/span><\/p>\n Allowing cross-country public procurement will lead to <\/span>competitiveness<\/span><\/b> within the economy and can reduce costs and increase efficiency in government functioning. It will benefit the exchequer and the end-user.<\/span>\u00a0<\/span><\/p>\n It will provide incentives to Indian companies. They will be able to bid for projects in other jurisdictions.<\/span>\u00a0<\/span><\/p>\n In the recent past, the government procurement policies focused on <\/span>local sourcing<\/span><\/b> for the government requirements.\u00a0<\/span>\u00a0<\/span><\/p>\n In addition to the protection given to <\/span>micro, small, and medium enterprises<\/span><\/b>, the government has also provided protection to the <\/span>construction<\/span><\/b> and <\/span>infrastructure sector<\/span><\/b> under the CEPA. This protection was not required in the infra sector. There is a requirement of <\/span>foreign finance<\/span><\/b> and <\/span>expertise<\/span><\/b> to supplement scarcity in this Indian sector.\u00a0<\/span>\u00a0<\/span><\/p>\n The government must take forward partial opening up of public procurement in this agreement and extend it to other trade negotiations as well as to more sectors of the economy.<\/span>\u00a0<\/span><\/p>\n There is a need for developing competitiveness<\/strong> in the construction and infrastructure sector. It will allow Indian companies to participate more effectively in a global public infrastructure market.<\/span>\u00a0<\/span><\/p>\n Source<\/span><\/b>: The post is based on an article \u201c<\/span>Opening up procurement<\/span><\/b>\u201d published in the Business Standard<\/strong> on 31<\/strong><\/span>st<\/strong> Mar 22<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" News: Recently, the Comprehensive Economic Partnership Agreement (CEPA) was signed between India and the United Arab Emirates last month. Further, such a free trade agreement is also going to be signed between India and Australia.\u00a0\u00a0 What are the provisions in the India-UAE trade deal?\u00a0\u00a0 The deal provides for harmonisation in the regulatory system. It also… Continue reading Opening up procurement\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,216],"class_list":["post-177165","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704854511},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/177165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=177165"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/177165\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=177165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=177165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=177165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How is the deal advantageous for India?<\/span><\/b>\u00a0<\/span><\/h5>\n
What are the challenges ahead?<\/span><\/b>\u00a0<\/span><\/h5>\n
Way Forward<\/span><\/b>\u00a0<\/span><\/h5>\n