March 15, 2023
3 mins read

Al Marri: UAE supports efforts for economic integration

The Minister of Economy added that the UAE reinforced its ability to serve as a strategic partner to India by establishing itself as a leading provider of logistics…reports Asian Lite News

Abdullah bin Touq Al Marri, Minister of Economy, participated in the CII Partnership Summit 2023, which is being held in New Delhi, India, from 13th to 15th March under the theme “Partnerships for Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses”.

The Summit aims to facilitate the exchange of visions and ideas that can support sustainable development efforts and promote the use of technology in driving economic growth.

In his speech, Bin Touq said, “The historic ties between the UAE and India add a unique dimension to our economic partnership. Besides, both countries believe in the potential of fair and sustainable trade that is based on clear foundations and rules. India is one of the most vibrant economies worldwide today and has a wealth of resources, expertise and innovative ideas. Similarly, the UAE’s strengths include its global status as a leading trade, investment and business hub and a gateway to the Middle Eastern and African markets.”

The Minister of Economy added that the UAE reinforced its ability to serve as a strategic partner to India by establishing itself as a leading provider of logistics, financial services and technology. The UAE is India’s third-largest global trading partner today, while India is the second-largest.

He continued, “We are proud of the strong presence of Indian companies in the UAE, and strive to provide them with all enablers for growth and expansion in our markets. People-to-people ties add more value to our partnership, as the Indian diaspora in the UAE is the largest expatriate community in the country that continues to make great contributions to the development of our economy.

The UAE government has adopted an array of measures that have enhanced the resilience of our economy in the face of these challenges. These efforts have led to the establishment of an environment that fosters business growth and attracts investments, the minister elaborated.

These include the granting of 100 percent foreign ownership; issuance of a legislation to protect intellectual property; and the launch of an ambitious strategy to attract talent and skills in all sectors to enhance the UAE’s position as a permanent hub for creativity and innovation.

In addition, the UAE has also launched a set of pioneering initiatives such as the global Investopia platform to create opportunities and enable future investments. Also, the comprehensive economic partnership agreements (CEPA) under which the UAE has signed four agreements so far – with India, Israel, Indonesia and Turkey.

“Negotiations with more strategic markets are currently progressing,” the minister added.

He pointed out that the adoption of such forward-looking policies has enabled the UAE’s real GDP to grow by 7.6 percent in 2022. Besides, FDI inflows to the country amounted to US$171.6 billion, The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the AED2 trillion and AED233 billion mark for the first time in its history with a 17 percent year-over-year growth. This confirms the efficiency of the initiatives and strategies of the UAE government.

The Minister of Economy underlined the importance of the comprehensive economic partnership between the UAE and India, and its role in boosting trade flows between the two markets. The trade deal has cancelled or reduced customs duties by 90 percent on goods and commodities traded between both countries.

He explained that they cover nearly 95 percent of the value of commodities that each country imports from the other, which will accelerate the growth of non-oil trade to amount to US$100 billion per annum over the next five years.

ALSO READ: World Bank lauds UAE’s leading position in gender balance

Previous Story

India praises renewable energy deal with UAE

Next Story

UAE, Japan explore fresh avenues of economic ties

Latest from -Top News

Trump Targets BRICS Allies with New Tariff

This move coincides with the ongoing BRICS summit being held in Rio de Janeiro, Brazil…reports Asian Lite News US President Donald Trump has announced that an additional 10 per cent tariff will

BRICS Endorses India’s Stand on Terror

The treaty proposed by India within the UN framework aims to provide a comprehensive legal basis for combating terrorism….reports Asian Lite News The leaders’ joint statement, issued after the 17th BRICS summit

BRICS Slams US Tariff Hikes

The leaders criticised developed nations for using environmental issues to justify trade restrictions on developing countries….reports Asian Lite News Rio de Janeiro, July 7 (IANS) Embroiled in a trade war launched by

US Tariffs Pushed to August Amid Talks

In April, Trump announced a base tariff of 10 per cent on most of America’s trading partners and thereafter additional duties ranging up to 50 per cent….reports Asian Lite News US President

Indonesia Joins BRICS Bloc

This year’s BRICS Summit saw an expanded format, reflecting the grouping’s growing relevance in international affairs….reports Asian Lite News Prime Minister Narendra Modi formally welcomed Indonesian President Prabowo Subianto into the BRICS
Go toTop

Don't Miss

India, UK resume FTA negotiations   

Piyush Goyal and Jonathan Reynolds directed the negotiators to work

Sisi hails privileged relations with UAE

El-Sisi affirmed that Egypt holds in high esteem the strong