A special business event was organised on Friday 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, read the press release of the Indian Embassy in Abu Dhabi, UAE.
The event was participated in by more than 200 leading businesses from India and the UAE, added the release.
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)