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With reference to the Comprehensive Economic Partnership Agreement (CEPA), consider the following statements:
  1. It is a type of free trade pact that covers negotiation only on the services.
  2. India has signed this agreement with Malaysia.
Which of the statements given above is/are correct?
  • a)
    1 Only
  • b)
    2 Only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
With reference to the Comprehensive Economic Partnership Agreement (CE...
India and the United Arab Emirates (UAE) are gearing up for a review of the Comprehensive Economic Partnership Agreement (CEPA) that may see discussions towards the integration of key portals of both nations to boost trade.
  • It is a type of free trade pact that covers negotiation on the trade in services and investment, and other areas of economic partnership.
  • CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.
  • Free Trade Agreement: It is an agreement in which two or more countries agree to provide preferential trade terms, tariff concession etc. to the partner country. Here a negative list of products and services is maintained on which the terms of FTA are not applicable.
  • Preferential Trade Agreement: In this, two or more partners give preferential right of entry to certain products. This is done by reducing duties on an agreed number of tariff lines. India signed a PTA with Afghanistan.
  • Comprehensive Economic Partnership Agreement: It is more comprehensive than an FTA. CECA/CEPA also looks into the regulatory aspect of trade.
  • Comprehensive Economic Cooperation Agreement: CECA generally covers negotiation on trade tariffs and TQR rates only. It is not as comprehensive as CEPA. India has signed CECA with Malaysia.
Hence both statements are not correct.
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Community Answer
With reference to the Comprehensive Economic Partnership Agreement (CE...
Comprehensive Economic Partnership Agreement (CEPA)
- The Comprehensive Economic Partnership Agreement (CEPA) is a type of free trade pact that covers negotiation on various aspects of trade, including goods, services, investments, intellectual property rights, and other related issues. It is a comprehensive agreement aimed at promoting bilateral trade and economic cooperation between the participating countries.
- CEPA negotiations typically cover a wide range of sectors, including agriculture, manufacturing, services, and investments. The agreement aims to eliminate or reduce trade barriers such as tariffs, quotas, and non-tariff barriers, thereby facilitating the flow of goods and services between the participating countries.
- CEPA agreements also address issues related to intellectual property rights, competition policy, government procurement, and dispute settlement mechanisms. These agreements provide a framework for enhancing economic integration, promoting market access, and facilitating business opportunities for companies from both countries.
- CEPA agreements are usually negotiated between two or more countries and involve extensive consultations and negotiations to address the interests and concerns of all participating parties. The negotiations may take several rounds before reaching a final agreement.
- CEPA agreements have the potential to boost trade and investment between the participating countries, leading to increased economic growth, job creation, and enhanced competitiveness. They also promote economic cooperation, exchange of technical know-how, and sharing of best practices in various sectors.
- CEPA agreements are not limited to negotiation on services alone. They cover a wide range of trade-related issues, including goods, services, investments, and intellectual property rights.
India-Malaysia CEPA
- India has not signed a Comprehensive Economic Partnership Agreement (CEPA) with Malaysia. As of now, India has not entered into a CEPA agreement with any country.
- However, India and Malaysia have had discussions on enhancing bilateral trade and economic cooperation through various means, including the negotiation of a bilateral free trade agreement (FTA). These discussions aim to address trade barriers and promote trade and investment between the two countries.
- It is important to note that CEPA agreements are negotiated between countries and the decision to enter into such an agreement depends on multiple factors, including the economic and political interests of the participating countries.
Conclusion
- In conclusion, the given statements are incorrect. The Comprehensive Economic Partnership Agreement (CEPA) is not limited to negotiation on services alone, and India has not signed a CEPA agreement with Malaysia. CEPA agreements cover a wide range of trade-related issues and aim to promote bilateral trade and economic cooperation between participating countries.
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With reference to the Comprehensive Economic Partnership Agreement (CEPA), consider the following statements: It is a type of free trade pact that covers negotiation only on the services. India has signed this agreement with Malaysia.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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With reference to the Comprehensive Economic Partnership Agreement (CEPA), consider the following statements: It is a type of free trade pact that covers negotiation only on the services. India has signed this agreement with Malaysia.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Comprehensive Economic Partnership Agreement (CEPA), consider the following statements: It is a type of free trade pact that covers negotiation only on the services. India has signed this agreement with Malaysia.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Comprehensive Economic Partnership Agreement (CEPA), consider the following statements: It is a type of free trade pact that covers negotiation only on the services. India has signed this agreement with Malaysia.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
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