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India-UAE CEPA started new chapter in bilateral trade; UAE open to work with Indian industry: UAE Minister of State for Foreign Trade

Aug 26, 2023

Looking for alliances with Indian companies to capture emerging markets in Africa, CIS and Eastern Europe

 NEW DELHI, 26 August 2023: Dr Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade today emphasized that the India-UAE CEPA agreement has benefited the bilateral trade between the two nations. “CEPA agreement has started a new chapter in India-UAE bilateral trade investments by catalyzing industrial output and increasing capital flows and sparking new joint ventures and innovations,” he added. He also stated that in the first 12 months since implementation, the total value of non-oil bilateral trade reached $ 50.5 billion.

Addressing the ‘India-UAE Business Forum’, organized by FICCI, Dr Thani also highlighted on the need for more collaboration between the two nations to capture newer markets with potential which include the CIS, Africa and East European countries. We are opening our markets, ensuring new engagements and partnerships & alliances to capture newer markets, he added.

Minister Dr Thani while speaking on the potential of the services sector stated that with the rise in the middle-class income group, is not only benefiting trade but also acting as the engine of growth for both nations. “Together, we have established a powerful nexus of growth that can deliver long-term prosperity. Social, cultural and economic relations between our countries go back a long time. Our markets are of huge strategic importance to each other and together we must keep exploring the possibilities for our partnership,” he emphasized.

Mr Subhrakant Panda, President, FICCI said, “India-UAE bilateral relation is driven by shared cultural linkage and trade ties. The UAE-India CEPA, which came into effect on May 1, 2022, truly embodies the spirit of mutual and beneficial cooperation and will usher in an era of economic collaboration that will be beneficial for both nations. While a significant boost is expected for UAE exports to India, conversely UAE will be the gateway for India’s export to West Asia and North Africa.”

He further added that this is an era of digital transformation and innovation in startups; a shared dedication to fostering entrepreneurship and promoting innovation will yield transformative results. He stated that there is work to be done in addressing non-tariff barriers, ensuring compliance, and exploring collaborative opportunities which are crucial to achieving the shared potential that CEPA looks to unlock.

Mr Shailesh K Pathak, Secretary General, FICCI while moderating the session said that the India-UAE CEPA has been a landmark and has helped in reducing tariff while providing zero-duty access to 90 per cent of Indian exports.

The Minister of State for Foreign Trade was accompanied by a 60-member delegation. During the interaction, Ms Naina Lal Kidwai, Past President, FICCI; Mr Harsh Pati Singhania, Past President, FICCI; HE Raja Mohammed AlMazrouei, CEO, Etihad Credit Insurance; HE Jamal Saif Al Shamsi, Secretary General, UAE International Investors Council; Ms Ragini Chopra, Executive VP – Corporate Affairs, InterGlobe Enterprises and Amb Ajit Kumar (Retd), Director – Corporate Affairs, Hinduja Group also shared their perspective on trade and investment opportunities in both the nations.

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