February 18, 2023
2 mins read

Businesses celebrate anniversary of India-UAE CEPA

The event was participated in by more than 200 leading businesses from India and the UAE, reports Asian Lite News

A special business event was organised to celebrate the completion of one year of the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in Abu Dhabi.

Marking a successful year of CEPA signing, a Special Business Event was organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) in association with the Embassy of India, Abu Dhabi, Consulate General of India, Dubai and Dubai Chambers on 17th February 2023 at Dubai.

The event was participated in by more than 200 leading businesses from India and the UAE.

India and UAE on February 18th, 2022 signed a historical Comprehensive Economic Partnership Agreement (CEPA).

The CEPA was signed during the virtual summit in the presence of Prime Minister Narendra Modi and the President of UAE, Sheikh Mohamed bin Zayed Al Nahyan,

Addressing the gathering at the special business event, Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade spoke about the immense opportunities and advantages offered by CEPA.

Ambassador Sunjay Sudhir in his remarks mentioned that the business from both India and UAE have already started leveraging upon the duty waivers and enhanced market access offered under the CEPA, added the release.

The historical India-UAE CEPA is the first bilateral trade accord concluded by the UAE and India’s first bilateral trade agreement in the MENA region.

India-UAE CEPA is a wide-ranging agreement, covering all aspects of India’s economic engagement with the UAE including Trade, Investments, Healthcare, Digital Trade Government Procurement, IPR etc.

CEPA has unleashed new opportunities in bilateral trade and is expected to increase the bilateral trade in goods to USD 100 bn within five years and trade in services to USD 15 bn, read the release.

The CEPA entered into force on May 1st, 2022. The agreement has been operating smoothly for over 10 months now. The businesses from both nations have already started leveraging upon the tremendous potential offered under the CEPA.

The impressive overall growth in bilateral trade is a true reflection of the early gains accruing from the agreement. During the first eight months from April-November 2022 of the current financial year, the bilateral trade between our two countries has grown to USD 57.8 bn from USD 45.3 bn same period last year, recording an impressive growth of 27.5 per cent in percentage terms and a notable increase of USD 12.5 bn in value terms, the release said.

During the same period, India’s exports to the UAE have seen a remarkable growth of 19.32 per cent, reaching USD 20.8 bn from USD 17.45 bn, an increase of USD 3.35 bn in value terms. Besides, several other significant partnerships have been launched since May 2022 related to energy, food security, education and healthcare. (ANI)

ALSO READ: India’s gem, jewellery exports see growth after CEPA with UAE

Previous Story

Germany to soon deploy Leopard tanks in Ukraine

Next Story

Taliban ministers break ranks with supreme leader

Latest from -Top News

Texas flash floods kill at least 24; Trump vows help

President calls tragedy ‘shocking’ as search for missing continues overnight At least 24 people have died in Kerr County, Texas, after catastrophic flooding swept through the region, prompting a large-scale rescue and

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing
Go toTop

Don't Miss

IIT Delhi to set up first global campus in Abu Dhabi

An MoU has been signed for the opening of an

India, UAE ink deal on green hydrogen, under sea connectivity

India and the UAE have reached an agreement on green