What is the Difference Between CECA and CEPA?
🆚 Go to Comparative Table 🆚The main difference between CECA (Comprehensive Economic Cooperation Agreement) and CEPA (Comprehensive Economic Partnership Agreement) lies in the scope of the agreements. Both are economic pacts between two countries, aimed at fostering trade and economic cooperation.
- CECA: This agreement generally covers negotiation on trade tariff and tariff-rate quotas (TQR) only. It is not as comprehensive as CEPA and focuses mainly on the elimination of tariffs on goods traded between the countries involved. For example, India has signed a CECA with Malaysia.
- CEPA: This agreement is more comprehensive and ambitious than CECA. It covers negotiation on trade in services and investment, and other areas of economic partnership. A CEPA also looks into the regulatory aspect of trade and includes areas such as trade facilitation, customs cooperation, competition, and intellectual property rights (IPR). India has signed CEPAs with South Korea and Japan.
In summary, while both CECA and CEPA are economic agreements between countries, CEPA is wider in scope than CECA, covering not only trade in goods but also trade in services, investment, and other areas of economic partnership.
Comparative Table: CECA vs CEPA
The main difference between CECA and CEPA lies in their scope and objectives. CECA stands for Comprehensive Economic Cooperation Agreement, while CEPA stands for Comprehensive Economic Partnership Agreement. Here is a table highlighting the differences between the two:
| Feature | CECA (Comprehensive Economic Cooperation Agreement) | CEPA (Comprehensive Economic Partnership Agreement) |
|---|---|---|
| Focus | Trade liberalization, investment promotion, and economic cooperation | Trade liberalization, investment promotion, economic cooperation, and services and investments |
| Scope | Narrower, mainly focused on goods | Broader, covering goods, services, investment, intellectual property, and business practices |
| Evolution | CECA is a stepping stone for CEPA | CEPA is a more advanced and comprehensive agreement |
In general, CECA is an economic agreement aimed at promoting total trade between countries, focusing on trade liberalization, investment promotion, and economic cooperation. On the other hand, CEPA is a broader agreement that includes services, investments made by partner countries, intellectual property, and business practices. CECA is considered a stepping stone for CEPA, with the latter being a more advanced and comprehensive agreement.