WEB DESK
The Embassy of India, Abu Dhabi in association with the Federation of Indian Chambers of Commerce & Industry (FICCI) in the Consulate General of India, Dubai, and Dubai Chambers organised a Special Business Event in Dubai to commemorate the successful year of Comprehensive Economic Partnership Agreement (CEPA) signing. More than 200 leading businesses from India and the UAE attended the event.
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, addressed the gathering at the special business event and talked about the enormous opportunities and benefits provided by CEPA.
In his remarks, Ambassador Sunjay Sudhir mentioned that businesses from India and the United Arab Emirates have already begun taking advantage of the duty waivers and enhanced market access provided by the CEPA.
Chandu Siroya Vice Chairman, Dubai Gold & Jewellery Group noted that the enthusiasm shown by the two governments in setting up the CEPA has opened the doors wider for the Gold and Jewellery Industry.
On the occasion, a Memorandum of Understanding was signed between Saifee Rupawala CEO of LULU Group International and FICCI.
Nirankar Saxena, Deputy Secretary General FICCI in his vote of thanks mentioned that FICCI has taken a pledge to showcase the strengths of different states of India in Dubai till 2030, starting from April 2023.
The historical India-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed on 18th February 2022 during the Virtual Summit in the presence of Shri Narendra Modi, Hon’ble Prime Minister of India and His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.
The historical India-UAE CEPA is the first bilateral trade accord concluded by UAE and India’s first bilateral trade agreement in the Middle East/North Africa (MENA) region.
India-UAE CEPA is a wide-ranging agreement, covering all aspects of India’s economic engagement with the UAE including Trade, Investments, Healthcare, Digital Trade, Government Procurement, IPR etc. CEPA has unleashed new opportunities in bilateral trade and it is expected to increase the bilateral trade in goods to US $ 100 bn within five years and trade in services to US $ 15 bn.
The CEPA entered into force on the 1st of May 2022. The agreement has been operating smoothly for over 10 months now. The businesses from both nations have already started leveraging upon the tremendous potential offered under the CEPA.
The impressive overall growth in bilateral trade is a true reflection of the early gains accruing from the agreement. During the first eight months from April-November 2022 of the current financial year, the bilateral trade between our two countries has grown to US$ 57.8 bn from US $ 45.3 bn same period last year, recording an impressive growth of 27.5 % in percentage terms and a notable increase of US $ 12.5 bn in value terms.
During the same period, India’s exports to the UAE have seen a remarkable growth of 19.32%, reaching US $ 20.8 bn from US $ 17.45 bn, an increase of US $ 3.35 bn in value terms. Besides, several other significant partnerships have been launched since May 2022 related to energy, food security, education and healthcare.