After the signing of the bilateral trade agreement between India and UAE, the bilateral trade between both countries has registered a 16 per cent increase reaching 85 billion USD from 73 billion USD two years ago highlights UAE official in an exclusive interview to ANI.
“Since two years, After the Comprehensive Economic Partnership Agreement was signed, we’ve noticed a 16 percent increase in trade between both countries. Total trade has reached 85 billion from 73 billion throughout the last fiscal year” said Ahmed Aljneibi, Director of the UAE-India Cooperation and Coordination Office (UICC) at the UAE-India CEPA Council Business Roundtable held in Jaipur.
Officials from the UAE and India highlighted the significant economic opportunities arising from the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
Emphasizing on the importance of Jaipur in facilitating trade between the UAE and India, amounting to approximately half a billion dollars, the UAE officials expressed the intention to engage with local businesses in Jaipur to explore partnership opportunities with UAE counterparts.
“We’ve identified that Jaipur has a significant contribution to the trade between the UAE and India, approximately half a billion dollars in terms of trade. In Jaipur, we’re planning to have a group of businesses that we can meet with and understand the requirements and see how we can perhaps partner them with businesses in the UAE” said Aljneibi.
UAE’s Ras Al-Khaimah was also highlighted as an important location for the business leaders of India for its economic investment policies and infrastructure.
“I believe our economic investment and trade policies, coupled with the strategic location of Ras Al-Khaimah and together with the world-class infrastructure that we have, this will provide an immense value for the Indian companies that are seeking to further expand their international footprint” said Txomin Goitia, Director of International Relations at the Office of the Ruler, Government of Ras Al-Khaimah.
“The need of the hour, as per Indian business is, how we can make the Indian business local to global. In this aspect, Ras Al-Khaimah plays a very vital role. Indian businesses can take advantage of multiple bilateral agreements that the UAE has already signed” said Mohammad Haseeb, Strategic Country Manager-India at Ras Al-Khaimah Economic Zone (RAKEZ),
The UAE-India CEPA Council (UICC) was launched on the sidelines of the Vibrant Gujarat Summit in January this year. The UAE-India CEPA, which came into force on May 1, 2022, offers numerous benefits for businesses from both countries. These include greater access to each other’s markets, reduction or removal of tariffs on a significant portion of products, an open and non-discriminatory trading environment, and enhanced market access for service providers across various sectors.
Additionally, the agreement addresses technical barriers to trade, ensures the use of international standards for technical regulations, and provides support for UAE businesses in government procurement tenders.
Moreover, UAE products will be exempt from India’s anti-dumping investigations when transshipped, and a Joint Committee will oversee the implementation and improvement of the CEPA.
As both countries continue to deepen their partnership, businesses stand to gain from the conducive regulatory framework and enhanced market access facilitated by the agreement.
