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Economy Minister Abdullah bin Touq Al Marri took part in a session titled “Is Mini-Multilateralism the Future of Global Trade?” as part of the Confederation of Indian Industry (CII) Annual Conference 2023 in New Delhi on May 24-25 .
The meeting was attended by CII Chairman Sanjeev Bajaj; CII Director General Chandragit Banerjee; and various Emirati and Indian companies, global investors and businessmen.
The meeting discussed a range of topics, including the latest economic policies in global trade and the importance of regions and trade agreements in strengthening the future of global trade. Furthermore, it takes a close look at the approaches that FTAs can take to transform global value chains, in addition to enhancing and facilitating the means by which importers and exporters enter markets.
Al Marri said: “The UAE-India partnership is a driver of economic growth, creating trade and investment opportunities for more than 3.8 billion people. Our strong economic partnership helps energize trade and investment flows in South Asia and through It flows to regional and global markets.”
He added: “Both countries are joining hands to accelerate efforts to grow our economies and adopt plans, strategies and initiatives that support our vision of expansion and investment in new economic sectors. Through this important economic event, we look forward to strengthening our technological partnership with India , digital payments, innovation, green energy, healthcare, communications, logistics, transport, waste management and space technology.”
“The economies of the two countries will be among the fastest growing in the world in 2022, characterized by fast economic growth. Last year, the UAE economy grew by 7.6%, and according to World Bank estimates, India’s economy will grow in the top nine countries in the 2022-2023 fiscal year. It achieved an annual growth rate of 7.7 per cent in March. This shows that there are many economic opportunities in our market and encourages the UAE and Indian private sectors to seize this opportunity and further promote the prosperous economic partnership between the two countries,” he continued.
Furthermore, Al Marri emphasized that the UAE and India have presented to the world a unique model of comprehensive economic partnership based on the historical and strategic relationship between our two countries. “This progress can also be attributed to the forward-looking vision of the leaders of the two countries and their continued support for the prospect of strengthening economic and trade cooperation in various priority areas.”
He added that the UAE is keen to support the Indian government’s vision to boost the Indian economy’s GDP to $5 trillion by 2025, as well as its future expansion plans in the multilateral trading system.
The Minister of Economy said: “The CEPA signed by the two countries in February 2022 has achieved positive results. It has played a vital role in strengthening trade exchanges, facilitating investment flows, and creating more opportunities and capabilities for exporters and importers in the two markets. Important role. The agreement creates an open and non-discriminatory environment for cross-border trade with India, as well as advantages such as the removal of tariffs on more than 80% of UAE and Indian goods. It also strengthens service providers’ access to 11 major sectors and market access to more than 100 subsectors, including digital trade and intellectual property, creating jobs across many sectors and economic activities.”
Al Marri highlighted that non-oil foreign trade between the two countries increased by 24.7% in the first quarter of 2023 compared to the same period in 2022. In addition, the UAE’s non-oil exports to the Indian market increased by 33%, while the trade volume increased to about 180 billion dirhams (49 billion US dollars), an increase of 10% compared to 2021.
“The UAE has an ambitious vision to strengthen its economic openness to the world and to establish global trading partnerships with strategic markets. We support the multilateral trading system as a fundamental driver of sustainable economic development. In September 2021, the UAE launched plans for a Comprehensive Economic Partnership Agreement and has so far signed four partnerships with India, Israel, Indonesia and Turkey. We will sign more partnerships with other markets in the next phase to support the goals of our Vision 2031 in the UAE , the vision aims to increase our GDP to AED 3 trillion, non-oil exports to AED 800 billion, and foreign trade to AED 4 trillion,” he explained.
Additionally, the Minister of Economy noted that the UAE’s upcoming hosting of the 13th WTO Ministerial Conference in Abu Dhabi in the first quarter of 2024 will strengthen the country’s contribution to stimulating international trade, which is key to long-term sustainable growth. “It also affirms the country’s belief in diversity and its commitment to creating new opportunities for exporters, manufacturers and investors.”
He explained that regional and bilateral trade agreements can help accelerate the growth of global trade, facilitate market access and integration of companies into global value chains, and facilitate investment flows.
Al Marri elaborated on several economic policies adopted by the UAE to improve the trade, investment and business environment, increase the openness of the economy to the world, establish international trade partnerships, support the competitiveness of the economic legislative environment, and enhance the attractiveness of the UAE and measures for foreign direct investment. He also recalled the strong results achieved by the UAE economy in 2022, most notably a 7.6% increase in GDP and a 17% increase in non-oil foreign trade, surpassing AED2.2 trillion for the first time in history. He added that the UAE also attracted AED20.7 billion in FDI in 2021, a growth rate of 4% compared to 2020, thus placing the UAE first in the West Asia, Middle East and North Africa region.
The theme of the CII 2023 Annual Conference is “Future Frontiers: Competitiveness, Technology, Sustainability and Internationalization”. It brings together global thought leaders and Indian industry experts for in-depth discussions on macroeconomic developments, growth, reforms, investment climate, the future of several areas of global and Indian economic importance, digital technology and innovation, green energy and green supply Dialogue chains and new global opportunities. The meeting coincides with India’s presidency of the G20 International Forum in New Delhi in 2023.
CII is a non-governmental organization with nearly 9,000 members from government and the private sector. It has 62 offices including 10 Centers of Excellence in India and 8 overseas offices in Australia, Egypt, Germany, Indonesia, Singapore, UAE, UK and USA, in addition to 350 federations in 133 countries Institutional partnerships established on behalf of organizations.
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