UAE-India CEPA Council launched to strengthen economic bonds
UAE-India CEPA Council
In a landmark move, the United Arab Emirates (UAE) and India officially inaugurated the UAE-India CEPA Council (UICC) during the Vibrant Gujarat Global Summit in 2024. The council's launch, attended by UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and India’s Trade Minister Piyush Goyal, emerged as a key outcome of the UAE-India Business Summit held under the theme "Two Nations, One Vision."
Dr Thani bin Ahmed Al Zeyoudi highlighted the council's significance, stating, "The launch of the UAE-India CEPA Council underlines the strength of our economic partnership. The Council is a testament to the shared vision of creating a dynamic and resilient economic relationship, driving sustainable growth, and prosperity for both our nations"
Minister Piyush Goyal emphasised the collaborative commitment to economic growth, innovation, and mutual prosperity, stating, "The launch of the UICC is a significant step in providing a structured framework to businesses keen to explore bilateral trade opportunities, thus strengthening economic cooperation between the UAE and India."
The UICC's objectives include encouraging partnerships and cooperation across various sectors, with a strong emphasis on critical industries such as start-ups, women entrepreneurs, MSMEs, and the services sectors. The council's establishment essentially marks a strategic move towards fostering closer ties within the UAE and Indian business communities.
Highlighting the enduring partnership between the nations, UAE Ambassador to India, H.E. Dr. Abdulnasser Alshaali, stated, "The UAE-India Business Summit reinforces the strategic collaboration between our nations, charting a path for new avenues of growth and cooperation. Our shared commitment to sustainable development and inclusive growth is evident in the initiatives unveiled today, and I am confident that this partnership will continue to flourish."
The CEPA, signed in March 2022, played a pivotal role in facilitating greater access for UAE exports to the Indian market. This was achieved through the reduction or removal of tariffs on over 80% of products, the removal of unnecessary technical barriers for exporters, and the assurance that UAE products would not be subject to India’s anti-dumping investigations. Since the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE), bilateral trade has witnessed a robust growth, surging by an impressive 15%.
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With the UAE President, Mohammed bin Zayed Al Nahyan, as the chief guest ofthe summit, and a robust delegation of over 250 companies from the UAE participating across diverse sectors, the launch of the UAE-India CEPA Council andthe business summit signifies a milestone in strengthening economic ties, fostering innovation, and promoting mutual growth between the two nations.