UAE-India commerce touches $50.5 bln in first 12 months of CEPA

Preliminary figures from the UAE Ministry of Economic system point out that from Could 2022 to April 2023, the primary 12 months of the CEPA, bilateral non-oil commerce reached a val-ue of $50.5 billion, a 5.8 p.c improve on the identical interval from the earlier 12 months.

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They then attended the conclusion of the inaugural UAE-India Joint Committee, which was convened on the primary anniversary of the settlement to evaluate its impression so far, share information and experiences, overview implementation points, refine tariffs and quotas and advocate amendments. The ministers witnessed the signing of the minutes of the assembly by the chief negotiators, which can assist the event of the CEPA over the following two years.

Coming into drive on Could 1, 2022, the UAE-India CEPA was the UAE’s first-ever bilateral commerce deal and a cornerstone of its new overseas commerce agenda. The settlement eradicated or decreased tariffs on greater than 80 p.c of product strains, created new platforms for SME collaboration and promoted mutual
funding flows, notably into precedence sectors. Following the cope with India, the UAE has now concluded an additional 4 CEPAs with Israel, Indonesia, Türkey and Cambodia.

Dr. Al Zeyoudi was joined in India by Dr. Abdulnasser Alshaali, UAE Ambassador to India; Abdulla Al Shamsi, Assistant Underneath-Secretary within the Industrial Devel-opment Sector, Ministry of Business and Superior Know-how; alongside senior personal sector stakeholders from corporations together with Brouge, KEZAD Group, DP World, Al Serkal Group, Al Rawabi, Ail Ain Farms, Al Ghurair Group, DMCC and Emirates NBD.

Abdulla Al Shamsi, Assistant Underneath-Secretary within the Industrial Growth Sector, Ministry of Business and Superior Know-how, emphasised the essential position of the Joint Committee to ensure a mutually useful partnership that delivers long-term impression.

Piyush Goyal, Indian Minister of Commerce and Business, affirmed that the UAE-India CEPA performed a outstanding position in consolidating financial and commerce relations, driving additional development and prosperity and creating new alternatives and enablers for the personal sector. He identified that the settlement achieved distinguished financial outcomes that enhanced commerce exchanges between the 2 pleasant international locations.

The Indian minister additionally reviewed a lot of financial initiatives, which can improve the prospects for funding cooperation between India and the UAE by profiting from the promising funding alternatives within the markets of the 2 international locations.

Following the witnessing of the UAE-India Joint Committee, Al Zeyoudi and Piyush Goyal addressed a gathering of enterprise leaders from each the UAE and India, throughout which they gained insights into the personal sector’s utilization of the CEPA so far. The assembly was designed to know the enterprise
group’s experiences of the deal since implementation in addition to discover new, high-potential alternatives.