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, a senior UAE official said.
“The economies of both countries are among the fastest growing in the world by 2022. The UAE economy grew 7.6 percent last year, and the Indian economy’s GDP grew an average of 7.7 percent annually in the first nine years, according to World Bank estimates.” Month of the 2022-2023 financial year. 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,” said Abdulla bin Touq Al Marri, UAE Minister of Economy.
Attending a session titled “Is Minilateralism the Future of Global Trade?” as part of the Confederation of Indian Industry (CII) Annual Conference 2023 in New Delhi on May 24-25, he said: “The UAE and India Our partnerships are a driver of economic growth, creating trade and investment opportunities for more than 3.8 billion people. Our strong economic partnerships help to energize trade and investment flows in South Asia and through them to regional and global markets.”
expansion and investment
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 meeting was attended by CII Chairman Sanjeev Bajaj; CII Director General Chandragit Banerjee; and various Emirati and Indian companies, global investors and businessmen.
Furthermore, Bin Touq 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 is also due 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.
The Minister of Economy said: “The CEPA signed by the two countries in February 2022 has achieved positive results. It has played an important 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 the removal of tariffs on more than 80% of UAE and Indian goods. It also strengthens service providers’ access to 11 major sector and more than 100 subsectors, including digital trade and intellectual property, creating jobs across many sectors and economic activities.”
Non-oil foreign trade
The Minister of Economy 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 to this, the UAE’s non-oil exports to the Indian market increased by 33%, while the trade value was about 180 billion dirhams (49 billion U.S. dollars), an increase of 10% compared to 2021.
Bin Touq said the UAE has an ambitious vision to strengthen its economic openness to the world and build global trade partnerships with strategic markets. “We support the multilateral trading system as a fundamental driver of sustainable economic development. In September 2021, the UAE launched the Comprehensive Economic Partnership Agreement program 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 the “Our UAE 2031” vision, which aims to increase our GDP to AED 3 trillion and non-oil exports to AED 800 billion Ram, and foreign trade amounted to Dh4 trillion.”
Bin Touq 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.
Bin Touq 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 GDP growth of 7.6%, with non-oil foreign trade surpassing AED2.2 trillion for the first time in history at a growth rate of 17%.
Bin Touq added that the UAE also attracted AED 20.7 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 partnering with 350 representative organizations in 133 countries Established institutional partnerships. – trade arab news agency