&imwidth=800&imheight=600&format=webp&quality=medium "India-Arab Chamber of Commerce aims to boost bilateral trade to $500 billion")
New Delhi: A new institutional platform aimed at deepening economic ties between India and the Arab world was formally launched in the Indian capital, just ahead of a key gathering of foreign ministers from both sides. The India-Arab Chamber of Commerce, Industry, and Agriculture (IACCIA) was established as a dedicated mechanism to foster business engagement, building on longstanding declarations from Arab-Indian partnership conferences.
Dr Waiel Awwad, Secretary General of IACCIA, described the chamber as a vital bridge. “It will act as a platform between India and the Arab world. We want to expand business and huge potential. The bilateral trade between India and Arab countries is $300 billion, plan to take it to $500 billion to 2030. India and Arab relationship based on trust and scientific knowledge that we have shared for millenniums,” he said.
He highlighted the deep mutual confidence underpinning the ties. “India has full trust of the Arab world. 10 million Indians in the Arab world. It is an asset. Opportunities opened for both side. The Indian government supported us to open this chamber,” Dr Awwad added.
Emphasising complementary strengths, he noted, “Both India and the Arab world are happy to have the relationship. We Indian knowledge, Arab capital, we can make wonders.”
Its creation stems from the “India-Arab Cooperation Forum”, initiated under the Muscat Declaration at the Fifth Arab-Indian Partnership Conference in 2016, and further endorsed by the Delhi Declaration during the Sixth Conference in New Delhi in 2023.
The initiative has secured backing from the League of Arab States (encompassing 22 member states), the Federation of Arab Chambers in Beirut, and the Council of Arab Ambassadors in New Delhi.
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Prof Dr Khaled M Hanafy, Secretary General of the Union of Arab Chambers, welcomed the development as a strategic move. “The India Arab chamber is a very good step to enhance business, economic relationship. It will work under the umbrella of union of Arab chambers, and we have 16 joint Arab chambers. We will put network of Arab countries and other countries,” he said.
He stressed the need for broader collaboration. “We need to have strategic alliances. Arab business can work in India. We can join forces. We can talk about digitalisation, logistics, AI. We can have projects in mining, education, healthcare,” Prof Hanafy continued.
“India is seen as a friend in Arab world. We do business with friends. India is welcomed in our region. They excel in technology, pharma,” he added. The launch coincides with preparations for the 2nd India-Arab Foreign Ministers' Meeting, scheduled for Saturday in New Delhi.
The ministerial dialogue brings together representatives from the Arab League to advance political, economic, and cultural cooperation. With current bilateral trade standing at around $300 billion, driven largely by energy imports, pharmaceuticals, and technology, the chamber seeks to harness India’s expertise and the Arab world’s capital and resources.
