Dr Thani wants to keep exploring the possibilities for India-UAE partnership
Dr Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, has emphasized that the India-UAE CEPA agreement has benefited the bilateral trade between the two nations, with total non-oil trade reaching US$50.5 billion in the first 12 months of the pact implementation.
“CEPA agreement has started a new chapter in India-UAE bilateral trade investments by catalyzing industrial output and increasing capital flows and sparking new joint ventures and innovations,” he told delegates at the ‘India-UAE Business Forum’, organized by FICCI on 26 AUG 2023.
He also spoke about the potential of the services sector, stating that with the rise in the middle-class income group, the two countries are not only benefiting from trade but also acting as the engine of growth.
“Together, we have established a powerful nexus of growth that can deliver long-term prosperity. Social, cultural and economic relations between our countries go back a long time. Our markets are of huge strategic importance to each other and together we must keep exploring the possibilities for our partnership,” emphasized Dr Thani.
“While a significant boost is expected for UAE exports to India, conversely UAE will be the gateway for India’s export to West Asia and North Africa,” added Subhrakant Panda, President, FICCI.
India-UAE bilateral relation is driven by shared cultural linkage and trade ties. The UAE-India CEPA, which came into effect on 1 May 2022, truly embodies the spirit of mutual and beneficial cooperation and will usher in an era of economic collaboration that will be beneficial for both nations.
He elaborated that this is an era of digital transformation and innovation in startups; a shared dedication to fostering entrepreneurship and promoting innovation will yield transformative results.
Panda stated that there is work to be done in addressing non-tariff barriers, ensuring compliance, and exploring collaborative opportunities which are crucial to achieving the shared potential that CEPA looks to unlock.
Shailesh K Pathak, Secretary General, FICCI, while moderating the session said that the India-UAE CEPA has been a landmark and has helped in reducing tariff while providing zero-duty access to 90% of Indian exports.
The UAE Minister of State for Foreign Trade was accompanied by a 60-member delegation.
During the interaction, Naina Lal Kidwai, Past President, FICCI; Harsh Pati Singhania, Past President, FICCI; Raja Mohammed Al-Mazrouei, CEO, Etihad Credit Insurance; Jamal Saif Al Shamsi, Secretary General, UAE International Investors Council; Ragini Chopra, Executive VP – Corporate Affairs, InterGlobe Enterprises and Ambassador Ajit Kumar (Retd), Director – Corporate Affairs, Hinduja Group also shared their perspective on trade and investment opportunities in both the nations. Fiinews.com
