[ad_1]
A special business event was organized on Friday to celebrate the signing of India-United Arab Emirates Abu Dhabi Comprehensive Economic Partnership Agreement (CEPA).
marked a successful year CEPA Following the signing, the Federation of Indian Chambers of Commerce and Industry (FICCI) jointly organized a special business event in Dubai on February 17, 2023 with the Indian Embassy in Abu Dhabi, the Indian Consulate General in Dubai and the Dubai Chamber of Commerce, read the Indian Embassy in Abu Dhabi Dhabi embassy press release, United Arab Emirates.
The event attracted more than 200 leading enterprises in the industry to participate India and UAE, the release was added.
India and United Arab Emirates On February 18, 2022, the historic Comprehensive Economic Partnership Agreement (CEPA) was signed.
this CEPA Signed during a virtual summit attended by Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan,
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, addressed the gathering at the special business event on the great opportunities and advantages the UAE offers CEPA.
Ambassador Sunjay Sudhir mentioned in his speech that the business India The release added that the UAE has already begun to take advantage of the tariff exemptions and enhanced market access offered by CEPA.
historical India – United Arab Emirates CEPA is the first bilateral trade agreement signed by the UAE and the first bilateral trade agreement signed by India in the MENA region.
India – United Arab Emirates CEPA is a wide-ranging agreement covering all aspects of India’s economic engagement with the UAE, including trade, investment, healthcare, digital trade, government procurement, intellectual property rights and more.
CEPA unleashes new opportunities for bilateral trade and is expected to increase bilateral trade in goods to US$100 billion and trade in services to US$15 billion within five years.
CEPA came into effect on May 1, 2022, and has been in operation for more than 10 months. Businesses from both countries have begun to take advantage of the enormous potential brought about by CEPA.
The impressive overall growth in bilateral trade is a true reflection of the agreement’s early gains. During the first eight months of this fiscal year, April 2022 to November 2022, bilateral trade between our two countries grew to an impressive 27.5% in percentage terms from $45.3 billion in the same period last year to $57.8 billion . The value increased significantly by $12.5 billion, the release said.
Over the same period, India’s exports to the UAE rose by 19.32 percent from $17.45 billion to $20.8 billion, or $3.35 billion in value terms. In addition, several other key partnerships related to energy, food security, education and healthcare have been launched since May 2022.
(Only the title and image of this report may have been modified by Business Standard staff; the rest was automatically generated from a syndicated feed.)
[ad_2]
Source link
