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Consider the following statements:
1. The India-UAE CEPA is the first deep and full free trade Agreement signed by India with any country in the past decade.
2. India and the UAE have set a target of doubling non-oil bilateral trade to 500 billion US Dollars by 2030 .
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 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements:1. The India-UAE CEPA is the first d...
The correct answer is option 'A' i.e., 1 only.

Explanation:
1. The India-UAE CEPA is the first deep and full free trade Agreement signed by India with any country in the past decade.
This statement is correct. The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE) was indeed the first deep and full free trade agreement signed by India with any country in the past decade. The agreement was signed in October 2021, and it aims to enhance bilateral trade and investment between the two countries. The India-UAE CEPA covers a wide range of sectors such as goods, services, investment, and economic cooperation.

2. India and the UAE have set a target of doubling non-oil bilateral trade to 500 billion US Dollars by 2030.
This statement is incorrect. While it is true that India and the UAE have set a target of increasing bilateral trade, the target is to reach $100 billion by 2020, not $500 billion by 2030. The target of $100 billion by 2020 was set during the visit of the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, to India in 2017. However, it is important to note that achieving this target has been challenging due to various factors, including the impact of the COVID-19 pandemic on global trade.

In conclusion, statement 1 is correct, but statement 2 is incorrect. The India-UAE CEPA is indeed the first deep and full free trade agreement signed by India with any country in the past decade. However, the target set by India and the UAE is to reach $100 billion in non-oil bilateral trade by 2020, not $500 billion by 2030.
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Community Answer
Consider the following statements:1. The India-UAE CEPA is the first d...
In News: Recently ,India and UAE signed a Mutual Recognition Arrangement for Authorised Economic Operators .
Statement 1 is correct : The Mutual recognition arrangement comes as the continuation of historic India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA).
The CEPA is the first deep and full-fledged FTA signed by India with any country in the past decade.
Statement 2 is not correct : India and the United Arab Emirates (UAE) have agreed to increase non-petroleum trade from $48 billion to $100 billion by 2030.
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Consider the following statements:1. The India-UAE CEPA is the first deep and full free trade Agreement signed by India with any country in the past decade.2. India and the UAE have set a target of doubling non-oil bilateral trade to 500 billion US Dollars by 2030 .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 'A'. Can you explain this answer?
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