Mustafa Abdul Azim (Dubai)
The ministers and officials hope that the trade figures between the UAE and India in 2022 and 2023 will reflect the positive results of the Comprehensive Economic Partnership Agreement (SIPA) between the two countries, expecting the value of bilateral trade to exceed 80 billion of dollars. year.
Ayer explained at the Summit of the India-Emirates Association celebrated by Dubai Chambers in collaboration with the Forum for International Commercial Relations that the agreement, which will come into force in May 2022, has helped to accelerate the growth of trade with India, the second bigger. A trading partner of the UAE, leading to a 5-year target of US$100 billion.
Piyush Goyal, Minister of Commerce and Industry of the Republic of India, confirmed that the CEPA agreement has given a particular boost to key sectors such as agriculture and food products, as well as trade in precious stones and jewellery.
Speaking through video technology, he highlighted the crucial role of bilateral trade between the two countries in the UAE’s efforts to double the size of its economy by 2030 and India’s ambitions for its exports to reach US$1 trillion. by 2030. in the Mediterranean Sea.
Goyal said that various prospects for cooperation between the two sides include trading in two local currencies (dirham and Indian rupee), a virtual trade corridor and a food corridor, and leveraging the startup ecosystem in the UAE and India.
11 thousand Indian companies
For his part, Dubai Chambers CEO Mohammed Ali Rashid Loota said that the number of new Indian companies joining the Dubai Chamber of Commerce in 2022 has exceeded 11,000, increasing the total number of Indian companies registered as members of the Chamber. More than 83,000 companies, reflecting the strength of economic, investment and trade ties between the two parties and the importance of the economic partnership in strengthening future bilateral relations and achieving development goals.
15% increase in exports in 2022
Loota noted that Dubai Chamber of Commerce members’ exports and re-exports to India in 2022 amounted to Dh6.1 billion, an increase of 15.1% compared to the amount recorded in 2021.
Loota noted that the Dubai International Chamber’s Mumbai field office plays an important role in developing joint relationships and attracting more small and medium-sized Indian startups to the emirate.
Summit speakers called for the establishment of a joint economic partnership that supports the two countries’ ambitious development visions and achieves the common goals of promoting economic growth. Participants discussed opportunities in the manufacturing sectors, projects under development, agriculture and the food industry. and fintech, amid the Comprehensive Economic Partnership Agreement (CEPA), which aims to double trade between the two countries by 120%, to US$100 billion in 5 years.
food and energy
“The value of bilateral trade between the two countries is expected to reach more than US$80 billion by 2022-2023,” said Rajeev Poddar, Chairman of the Board of Directors of the Forum on International Trade Relations, noting that “the sectors of security Food and energy are the most important areas of cooperation between the UAE and India.” The focused sectors are at the forefront.” While the Comprehensive Economic Partnership Agreement also focuses on the SME sector, it paves the way for capacity building across multiple sectors.
Dinesh Joshi, executive director of the International Business Relations Forum, said that the far-sighted vision of the leaders of India and the UAE helped to strengthen the existing relations, which will have a long-term effect in the coming period, and highlighted that the signing of the agreement global. The 88-day Economic Partnership Agreement demonstrates the two countries’ commitment to a strong relationship as the India-UAE Partnership Summit brings together stakeholders to develop and discuss joint business opportunities.
Source: Al Ittihad
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