UAE business chiefs visit India to reap benefits of trade deal
▶ Under Cepa, signed in February, the countries aim to increase non-oil bilateral trade to $100 billion
Minister of Economy Abdulla bin Touq has arrived in New Delhi to explore the prospects of joint investments under economic ties with India.
The countries signed the Comprehensive Economic Partnership Agreement, or Cepa, in February.
It came into effect on May 1 and marks a new phase of strategic co-operation, opening avenues of investment and trade for companies in India and the Emirates.
The trade pact is aimed at accelerating the flow of goods and increasing bilateral trade through duty-free exports.
Benefits of the agreement include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear protocols and rule-based competition. “The visit provides an excellent opportunity to further strengthen the already close and dynamic economic ties between the two countries,” India’s Ministry of Commerce said.
“The visit also includes interactions with key investors of both sides.”
Mr bin Touq is leading a delegation of 80 representatives, including 41 from government and private companies.
They will discuss opportunities under the new mechanism with their Indian counterparts during their four-day stay.
“The visit will also brief the UAE delegation about the facilities and services that the historic Cepa will provide to companies and businesses in both countries,” the UAE’s embassy in New Delhi said.
Cepa will provide opportunities for building new and sustainable partnerships between the two countries and take the bilateral economic relations to unprecedented levels, the Emirates’ embassy said.
Indian Commerce Minister Piyush Goyal was yesterday due to meet Mr bin Touq and members of the delegation, who include Dr Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs.
The delegates will attend the UAE-India Economic Partnership Summit tomorrow.
The Emirates is India’s third-largest trading partner and the second-largest export destination after the US.
India is the UAE’s second-largest trading partner and the largest in terms of exports. It accounted for nine per cent of the total volume of the UAE’s trade with the world in 2021, and bilateral trade between the countries stood at $65 billion, according to India’s Ministry of Commerce.
Cepa is the UAE’s first comprehensive strategic partnership with any country and India’s first in a decade.
Both nations aim to increase non-oil bilateral trade to $100bn in the next five years.
The delegation from the UAE will focus on priority sectors for co-operation that remain key drivers for boosting bilateral ties, such as manufacturing, aviation, financial services, food security, transport and infrastructure.
The UAE’s Ministry of Economy has published a web page of advice dedicated to the new trade agreement.
It provides information to companies and investors in the Emirates who wish to capitalise on the benefits provided by the deal.
The 80-strong delegation will discuss opportunities under the newly signed mechanism with their Indian counterparts