UAE-India CEPA Council and Indian Chamber of Commerce join hands to enhance bilateral relations
May 09, 2024
Kolkata (West Bengal) [India], May 9 : The UAE-India CEPA Council (UICC) on Thursday signed a Memorandum of Understanding (MoU) with the Indian Chamber of Commerce (ICC), commencing a strategic partnership to bolster economic and trade ties between the UAE and India.
In alignment with their respective mandates, the UICC and the ICC will synergize efforts, resources, and ideas, and collaborate on increasing awareness within the UAE and India of the significant potential of the UAE-India bilateral economic partnership.
The MoU will help establish a broad-based partnership between the participants, focused on the public promotion of the UAE-India bilateral economic partnership and the UAE-India CEPA in particular.
Both organisations will collaborate on increasing awareness within the UAE and India regarding the significant potential of the bilateral economic partnership, highlighting opportunities for UAE and Indian companies to leverage the UAE-India CEPA, and mobilising key UAE and Indian private sector stakeholders to support increased economic, investment, and trade engagement between the two nations.
They will also engage in dialogue and information sharing, develop avenues for member awareness, explore the hosting of joint events and facilitate member interactions, promote organisational roles, and seek opportunities to expand tangible cooperation between the organisation's respective leaderships.
Abdulnasser Alshaali, Ambassador of the UAE to India, said, "This collaboration presents a valuable opportunity to further fortify the economic ties between the UAE and India. We are committed to fostering an environment conducive to mutual investments, technological collaborations, and people-to-people exchanges."
In February 2022, India became the first country with which the UAE signed a Comprehensive Economic Partnership Agreement (CEPA). Bilateral trade has increased by approximately 15 per cent since the entry into force of the CEPA on May 1, 2022.
Rajeev Singh, Director General of the Indian Chamber of Commerce, said, "By combining our complementary strengths, we aim to unlock new avenues for businesses in both nations to capitalise on the immense potential of the CEPA and drive sustainable economic growth."
The UICC, established in early 2024, has played a pivotal role in significantly enhancing the economic, investment, and trade ties between the two nations. Since its inception, the council has effectively harnessed the opportunities created by the CEPA.
Over the fiscal year from 2022-23, bilateral trade surged from USD 72.9 billion to USD 84.5 billion, a rise of almost 16 per cent. This growth is further exemplified by the substantial increases in specific sectors such as gems and jewellery, pharmaceuticals, and fruits and vegetables, which saw rises of 64 per cent, 39 per cent, and 35 per cent respectively.
