In a big growth, the United Arab Emirates (UAE) and India formally established the UAE-India CEPA Council (UICC) in the course of the Vibrant Gujarat Global Summit in 2024. The inauguration of the council, which noticed the presence of UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and India’s Trade Minister Piyush Goyal, was a key final result of the UAE-India Business Summit held underneath the theme “Two Nations, One Vision.”
Dr Thani bin Ahmed Al Zeyoudi emphasised the significance of the council, stating, “The launch of the UAE-India CEPA Council highlights the energy of our financial partnership. The Council demonstrates the shared imaginative and prescient of making a dynamic and resilient financial relationship, driving sustainable development, and prosperity for each our nations.”
Minister Piyush Goyal highlighted the collaborative dedication to financial development, innovation, and mutual prosperity, stating, “The launch of the UICC is a big step in offering a structured framework to companies eager to discover bilateral commerce alternatives, thus strengthening financial cooperation between the UAE and India.”
The UICC’s targets embody encouraging partnerships and cooperation throughout numerous sectors, with a robust emphasis on crucial industries corresponding to start-ups, girls entrepreneurs, MSMEs, and the providers sectors. The council’s institution primarily marks a strategic transfer in the direction of fostering nearer ties inside the UAE and Indian enterprise communities.
Highlighting the enduring partnership between the nations, UAE Ambassador to India, HE Dr. Abdulnasser Alshaali, acknowledged, “The UAE-India Business Summit reinforces the strategic collaboration between our nations, charting a path for brand new avenues of development and cooperation. Our shared dedication to sustainable growth and inclusive development is clear within the initiatives unveiled at the moment, and I’m assured that this partnership will proceed to flourish.”
The CEPA, signed in March 2022, performed a pivotal position in facilitating larger entry for UAE exports to the Indian market. This was achieved by the discount or elimination of tariffs on over 80% of merchandise, the elimination of pointless technical boundaries for exporters, and the reassurance that UAE merchandise wouldn’t be topic 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 commerce has witnessed a sturdy development, surging by a powerful 15%.
With the UAE President, Mohammed bin Zayed Al Nahyan, because the chief visitor on the summit, and a sturdy delegation of over 250 firms from the UAE taking part throughout various sectors, the launch of the UAE-India CEPA Council & the enterprise summit signifies a milestone in strengthening financial ties, fostering innovation, and selling mutual development between the 2 nations.