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Despite the slump in global trade, non-oil trade between the UAE and India reached $45.5 billion in the first 11 months of the UAE-India Comprehensive Economic Partnership Agreement (Cepa), up 6.9 percent from the previous 12 months.
This was revealed by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, at the Cepa Beyond Trade launch, a special event held on the opening day of the Annual Investment Conference (AIM) in Abu Dhabi to celebrate the first UAE-India Cepa anniversary. He also said that bilateral trade soared in the first quarter of 2023, rising by 24.7% quarter-on-quarter, in which the UAE’s non-oil exports to India rose by an impressive 33%.
Dr Al Zeyoudi said: “One of the core objectives of the UAE-India Cepa is to increase the flow of goods and services between our two countries – and by doing so stimulate key export sectors, drive industrial output and kick-start a new and exciting period of prosperity. The Times. These figures underscore the speed at which we are progressing. The UAE and India have created a pro-growth alliance, a platform for deepening cooperation and economic integration that will pay off handsomely in the long run.”
“Over the past year our nations have learned that our economies work better when we remove barriers, foster cooperation and build trust, and we must continually work together to strengthen our partnerships for our The private sector creates more opportunity — and more prosperity for us. Our people,” he added.
high attendance
Cepa Beyond Trade was hosted by the Ministry of Economy in partnership with AIM, Adnoc, Adnec, Indian People’s Forum (IPF) and Texmas and was attended by many senior government officials, trade representatives, business leaders and entrepreneurs from the UAE and India.
It featured panel discussions, cultural and culinary exhibitions, and networking sessions, all of which underscored the positive impact the agreement has had on both countries over the past 12 months.
Dr Al Zeyoudi’s speech was followed by Minister of Industry and Domestic Trade Promotion Rajesh Kumar Singh, who praised the openness and openness of the UAE-India relationship since the Cepa negotiations began. Transparency, he reiterated, is an essential element of a successful long-term partnership.
future opportunities
Singh, who traveled to the UAE with a 20-member delegation, reflected on the importance of Cepa and the great opportunities ahead.
This message was highlighted in the first panel discussion, titled “Historic and future trade ties between the UAE and India”, with contributions from Salah Sharaf, Vice President, Sharaf Group; Paras Shahdadpuri, Chairman, Nikai Group; Adeeb Ahamed, Managing Director, Lulu Financial Holdings .
This was followed by a panel on the development of the regional fashion industry with Khadija Al Bastaki, Executive Director, Dubai Design District; Shatha Essa Al Mulla, CEO and Creative Director, Shatha Essa; Mahesh Advani, Founder and Managing Director, Blossom Trading; Owner and Director, Yogi Group Atinirmal Pagarani, General Manager and Curator of Fashion, Vesimi Dubai, and the art industry as audience hears insights from Aisha Alabbar, Founder and Owner, Aisha Alabbar Art Gallery; Vikram Divecha, Artist, Adjunct Assistant Professor of Art and Art History, NYU; Look Beyond 360 founder, architect and aquascaping artist Huzefa Goga.
Cepa Beyond Trade concluded with a discussion on the food industry featuring Abdullah Al Mazrouei, Founder of Danat Food Industries; Bojan Milenkovic, Head of Sales and Marketing, Al Rawabi; Faizal Haris, Executive Director, Bismi Wholesale; and Hritikesh Datar, Director, Al Adil Trading, as attendees stayed to enjoy Live music and a street food festival.
cornerstone
The UAE-India Cepa, which came into force on 1 May 2022, is the UAE’s first-ever bilateral trade agreement and a cornerstone of the country’s new foreign trade agenda, which seeks to forge deeper ties with strategic allies around the world to Accelerate economic recovery and secure vital supply chains.
The agreement eliminated or reduced tariffs on more than 80 percent of product lines, removed unnecessary trade barriers, facilitated investment inflows into priority areas, and provided a platform for SMEs to cooperate and expand. — trade arab news agency
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