UAE-India CEPA Council and Indian Chamber of Commerce Ink Strategic Pact
The UAE-India CEPA Council (UICC) and the Indian Chamber of Commerce (ICC) have solidified their commitment to fostering economic and trade relations between the UAE and India by signing a Memorandum of Understanding (MoU). This landmark agreement aims to raise awareness about the UAE-India bilateral economic partnership and the advantages offered by the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
The MoU signifies a comprehensive collaboration between the UICC and the ICC, centered on public promotion, heightened awareness, and mobilization of private sector stakeholders to bolster economic engagement between the two nations. Both entities will engage in dialogue, exchange of information, and jointly host events to facilitate interactions among members and amplify their respective roles.
Abdulnasser Alshaali, Ambassador of the UAE to India, reaffirmed his commitment to strengthening economic ties and promoting mutual investments, technological collaborations, and people-to-people exchanges between the UAE and India.
This strategic partnership is aligned with the objectives of the bilateral trade partnership, aiming to amplify trade volumes, extend the benefits of favorable trade policies to enterprises, and create avenues for economic advancement between India and the UAE.
Dr. Rajeev Singh, Director General of the Indian Chamber of Commerce, underscored the partnership’s objective to unlock new opportunities for businesses in both nations to leverage the vast potential of the CEPA and drive sustainable economic growth.
Established in 2024, the UICC has played a pivotal role in enhancing economic, investment, and trade ties between the UAE and India. Bilateral trade witnessed a significant surge of nearly 16 percent, reaching USD 84.5 billion over the fiscal year from April 2022 to March 2023. Notably, sectors such as gems and jewelry, pharmaceuticals, and fruits and vegetables experienced substantial growth, highlighting the CEPA’s positive impact.
The CEPA has facilitated billions of dollars in investments and bolstered business confidence across diverse industries by streamlining market access and reducing trade barriers. It has spurred a dynamic exchange of goods and investments, fostering diversified economic engagement between the UAE and India.
Dedicated to advancing these objectives, the UICC undertakes proactive initiatives aimed at deepening business ties and fostering mutual understanding. Through organizing events and initiatives, the council underscores its unwavering commitment to sustaining and expanding the economic partnership between the UAE and India.
The partnership between the UICC and the ICC represents a significant stride towards fortifying economic ties between the UAE and India. Through collaborative endeavors, both organizations aspire to harness the full potential of the UAE-India CEPA, driving economic growth and prosperity for businesses in both nations.