NEW DELHI, INDIA – A Joint Arab-Indian Chamber of Commerce is to be “activated” soon.
This was announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference in New Delhi, local media reports said.
The Declaration asserted that “India and the Arab countries are witnessing a new phase of promising development and economic changes, which contribute to supporting economic growth in a sustainable manner.”
It stressed “the importance of close collaboration between India and the Arab countries at various levels to strengthen exchange of knowledge, experience and expertise in various sectors of mutual interest.”
The new Joint Arab-Indian Chamber of Commerce will be an important vehicle to reach that goal. Setting up of the Chamber was decided during an earlier session of the India-Arab Partnership Conference held in Muscat.
“With reference to the recommendation No.1 of the Muscat Declaration, both sides propose to take positive steps towards the implementation of activating the Joint Arab-Indian Chamber of Commerce in the near future,” the Delhi Declaration said.
The Delhi Declaration is the outcome of two days of brainstorming among ministers, senior officials and businesspersons from Arab States and India under the auspices of the India-Arab Partnership Conference.
The Conference is the outcome of a Memorandum of Cooperation signed between the Arab League and India in December 2008. The Memorandum established an Arab Indian Cooperation Forum, which organizes the Conference alternately in India and an Arab country.
The Delhi Declaration said “member states of the Arab League continue to play an important role in the international economic arena and offer many opportunities for economic partnership.”
“The Conference in New Delhi lauded India’s Group of Twenty (G20) Presidency and welcomed India’s hosting of the G20 summit in September 2023,” a press release by the Indian Ministry of External Affairs here said.
“The participants applauded India’s active role through the G20 in addressing the critical issues related to the global economy, such as international financial stability, climate change mitigation, sustainable development, resilient supply-chains and economic decentralization.”
The next Arab-Indian Partnership Conference is to be held in Jordan in 2025.