Dubai Chamber of Commerce, one of the three chambers under Dubai Chambers, recently organized a webinar, which shed light on the landmark UAE- India Comprehensive Economic Partnership Agreement (CEPA) and the various economic benefits that are expected to be created by the free trade deal.
Attended by over 270 participants, the webinar was organized in partnership with the UAE Embassy in India, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Dubai Economy and Tourism and the Indian Business & Professional Council (IBPC).
For the latest headlines, follow our Google News channel online or via the app.
After coming into effect in May 2022, CEPA is projected to give an added boost to 90 percent of exports and imports between the two countries, while the trade agreement is also expected to benefit bilateral investment and tourism exchange.
Speaking during the event, Omar Khan, Director of International Offices, Dubai Chamber of Commerce, explained how CEPA is expected to expand UAE-India economic cooperation to new emerging and innovation focused sectors, such as AI, blockchain, and fintech.
He noted that the Chamber is examining new business opportunities emerging on the horizon as CEPA changes the dynamics of UAE-India bilateral trade and builds new bridges between the two business communities.
In a special address to participants, Sunjay Sudhir, Ambassador of India to the UAE, stressed the importance of leveraging CEPA to create far-reaching mutual economic benefits, adding that the agreement comes after nearly a decade of increased efforts by the Indian and UAE governments to strengthen and expand economic cooperation.
“The thrust of this agreement are comprehensive and strategic outcomes and CEPA flows from this commitment to boost trade and deepen economic ties. UAE keeps evolving its policies for the interest of the business communities and future of the economy,” said Sudhir.
“The UAE is the third largest trading partner for India and synergizes the scope of business opportunities for stakeholders,” he said. “The trade pact will aid in taking forward the two-way trade to $100 billion in five years from the existing $60 billion. This is a joint effort to combine the vision of both nations,” said Deepak Sood, Secretary General, Associated Chambers of Commerce and Industry of India.
Presentations were followed by a panel discussion joined by UAE and Indian government officials who shared their views and expectations for the impact of CEPA on agreement on trade in goods, services, and investments.
Those on the panel included Fakhry Al Hazaima, Senior Consultant - Negotiations and International Organizations Trade Negotiations and International Organizations Department, UAE Ministry of Economy, Shaima Alaydarous, Director, Trade Negotiations and International Organizations Department, UAE Ministry of Economy, and Parul Singh, Deputy Secretary, Ministry of Commerce and Industry, India.
CEPA is the UAE’s first bilateral trade agreement signed with India and the accord is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.
High-profile UAE team in India to explore joint investment following CEPA agreementA high-profile UAE delegation led by Abdullah bin Touq al-Marri, Minister of Economy, is visiting India to explore prospects of joint investment and ... Economy
India-UAE corridor launched to boost start-up ecosystem between two countriesAn initiative to enhance and expand the start-up ecosystem between India and the UAE has been announced, which will further the vision of the ... Technology
UAE-India free trade agreement begins on May 1: OfficialA free trade agreement between India and the United Arab Emirates comes into effect on May 1, 2022, according to a Tweet from the UAE’s foreign trade ... World News
UAE-India logistics corridor to boost bilateral trade suggested at Dubai meetingThe Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India paves the way for a new era of joint economic growth and prosperity, ... Economy
Free trade is crucial for global economic health as India-UAE agreement showsBoth India and the UAE will reap considerable benefits from their newly signed free trade agreement. In this regard, the deal represents a triumph for ... Opinion
India, UAE eye $100 bln in annual trade after signing trade pactThe agreement is expected to boost annual bilateral non-oil trade from $60 billion to $100 billion within the next three to five years, India’s Prime Minister’s office said. Economy