On a tight schedule for the proposed free trade pact between India and the United Arab Emirates, which is due to be signed early next year, the Department of Investment and Internal Trade Policy (DPIIT) requested suggestions from industry bodies and other stakeholders on intellectual property. rights issues that could make it easier for Indians to do business in the United Arab Emirates.
“In this agreement, IPRs play a vital role as they would be of significant importance to industries that are intensive in intellectual property, both creative and technological,” DPIIT said in a communication to stakeholders.
Trade and Industry Minister Piyush Goyal and United Arab Emirates Foreign Minister Thani bin Ahmed Al Zeyoudi, at a recent meeting in New Delhi, agreed on an ambitious timetable to conclude the negotiations of the India-UAE Free Trade Agreement, officially known as the Comprehensive Economic Partnership Agreement. , by the end of December and signing it by March 2022.
Negotiations for the early harvest component of the FTA have already started. Besides opening up markets for goods and services, the two ministers also discussed an investment promotion agreement and meetings are underway involving major UAE sovereign wealth funds.
DPIIT, in its communication to Indian companies, sought to know the areas of IPR of first consideration, including patents, trademarks, copyright, design, application of geographical indications, regulatory approval and commercialization of technology transfer.
Specific areas of concern should be mentioned, such as the filing, registration, enforcement or commercialization of intellectual property rights in the United Arab Emirates. Industry was also asked to indicate the level at which challenges are observed, such as IP offices, enforcement agencies or any other government body.
Trade between India and the United Arab Emirates amounted to $ 59 billion in 2019-2020, making the United Arab Emirates India’s third largest trading partner for the year after China and the United States, according to government figures.
The United Arab Emirates is India’s second-largest export destination, after the United States, with nearly $ 29 billion. For the United Arab Emirates, India is the second largest trading partner for 2019.
The main export products from India to UAE are petroleum products, precious metals, stones, precious stones and jewelry, minerals, food products, textiles, engineering products and chemical products. Major Indian imports from UAE include petroleum and petroleum products, precious metals, stones, gemstones and jewelry, minerals, chemicals, timber and wood products.