The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India will help reduce tariffs and facilitate trade between the two countries significantly, supported by innovative initiatives such as the ‘authorised economic operator’, the cross-border e-commerce platform and the logistics passport initiative, Ahmed Mahboob Musabih, Director-General of Dubai Customs, said.
“The bilateral agreement ushered a new era of economic cooperation based on mutual interests between the two friendly countries and would lead to improving mutual access to markets, and enhancing economic, trade and investment opportunities, Musabih, who is also the CEO of Ports, Customs and Free Zone Corporation, and Chairman of the Consultative Committee, said.
Musabih was speaking at the Dubai Customs Consultative Council meeting regarding growth indicators for various economic sectors in the UAE, Wam reported.
The meeting focused on several topics, including the prospects of trade recovery and the multiple economic benefits that will be provided by the UAE-India CEPA.
The partnership agreement is expected to help increase trade between the UAE and India by 120 percent to $100 billion within five years, compared to US$45 billion currently.
Besides Musabih, the virtual meeting was attended by the leadership team of Dubai Customs and representatives of business and trade group members of the Council.
Musabih stressed that 2022 indicators give rise to optimism in all economic sectors, noting that the UAE played a decisive role in containing the pandemic and its effects through continuous development of strategies and innovative initiatives that were able to absorb the repercussions of the crisis.
According to a World Bank report, the economic recovery in the UAE will continue during 2022, and that growth will reach 4.7 percent, driven by the oil and non-oil sectors.
The UAE’s foreign trade in 2021 recorded nearly AED1.9 trillion, up by 27 percent compared to 2020, and 11 percent compared to 2019.
Musabih said the growth included all components of trade, including export, import and re-export, and it is expected that the commercial sectors will continue to grow during the current year.
In October 2021, the UAE approved the federal budget for the years 2022-2026 with a total of AED 290 billion, making it the largest federal budget in the history of the UAE.
The budget translates the country’s commitment towards achieving national development and providing a decent life for its people.
Suresh Kumar, chairman of the Indian Business Professional Council (IBPC), highlighted the role of the CEPA during the next stage in terms of developing trade exchange, as it includes many strategic aspects.
“This agreement is the first of its kind that the UAE has signed with any country, and it is India’s first with any country in the Middle East and the Gulf region,” he said.
Kumar said the agreement would assist companies and trade bodies in achieving greater market access, while activating Indian exports, especially petroleum products, precious metals, chemicals and agricultural products.
He also pointed out that the UAE’s investments in India amounted to $67 billion, while the Indian investments in the UAE amounted to $18 billion dollars.
A presentation delivered by Ruhan Siroya from the Dubai Gold and Jewellery Group reviewed lab-grown diamonds and the opportunities available in that field.
Another presentation from the Steel Manufacturers Group focused on the promising opportunities available in Dubai for steel producers.
Follow us on
