The Comprehensive Economic Partnership Agreement (CEPA), signed by the UAE and India, will be operational within one month, officials said at the closing of the 3rd Edition of LOGIX India, in Dubai, supported by the UAE’s National Association of Freight and Logistics (NAFL).
The UAE-India CEPA will simplify customs procedures, reduce logistics cost and open new opportunities for professional services.
The three-day logistics conference concluded with a valedictory session at the India Pavilion at Expo 2020 Dubai addressed by top officials from both the countries.
“CEPA will boost UAE’s logistics sector which contributes more than 14 percent to Dubai’s GDP,” Nadia Abdul Aziz, President of NAFL, said. “With CEPA in place, Indian products can penetrate the UAE market through which they can enter the GCC, Commonwealth of Independent States (CIS), Africa and beyond.”
Meanwhile, a Memorandum of Understanding (MoU) was signed between NAFL and FFFAI. The MoU supports mutual cooperation between the two federations of freight forwarders, exchange of knowledge, technology and exchange of students for internship.
“CEPA will pave the way for a new era of joint economic growth and prosperity in the two countries, improves mutual access to markets, enhances economic and investment opportunities and paves the way for broader prospects,” Ahmed Mahboob Musabih, Director-General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, said.