The UAE-India Comprehensive Economic Partnership Agreement (CEPA) is expected to help increase trade between the two countries by 120 percent to US$100 billion within five years, compared to US$45 billion currently, Emirati news agency reported on Sunday.
The UAE’s foreign trade in 2021 recorded nearly AED1.9 trillion, growing 27 percent compared to 2020, and 11 percent compared to 2019.
“The Comprehensive Economic Partnership Agreement between the UAE and India ushers a new era of economic cooperation based on mutual interests between the two friendly countries. It reflects the deep historical relations between them, improves mutual access to markets, and enhances economic, trade and investment opportunities,” Ahmed Mahboob Musabih, Director-General of Dubai Customs said during a virtual meeting of the Dubai Customs Consultative Council.
“The agreement helps reduce tariffs and facilitate trade between the two countries significantly, supported by innovative initiatives such as the Authorised Economic Operator and the cross-border e-commerce platform, as well as the Logistics Passport initiative,” he added..
Suresh Kumar, Chairman the Indian Business Professional Council (IBPC), who also attended the meeting, highlighted the role of the CEPA during the next stage in terms of developing trade exchange, as it includes many strategic aspects, and is considered a testament to the depth of relations between the two countries.
This agreement is the first of its kind that the UAE has signed with any country, and it is India’s first with any country in the Middle East and the Gulf region.
Kumar affirmed that the agreement will assist companies and trade bodies in achieving greater market access while activating Indian exports, especially petroleum products, precious metals, chemicals and agricultural products. He also indicated that the UAE’s investments in India amount to US$67 billion, and India’s investments in the UAE amount to US$18 billion dollars.
A presentation delivered by Ruhan Siroya from the Dubai Gold and Jewellery Group reviewed lab-grown diamonds and the opportunities available in that field. Another presentation from the Steel Manufacturers Group focused on the promising opportunities available in Dubai for steel producers