Other BriefingsUAE-India Bilateral Trade Up 10% Since CEPA Trade Agreement Signed
The UAE-India Closer Economic Partnership Agreement (CEPA), a trade deal signed off on February 18 last year and now at its first anniversary, has helped bilateral trade rise by 10% in the past twelve months. Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, speaking on Saturday (February 18) said “It is a landmark agreement that has created a powerful nexus of fast-growth nations who are helping to redefine the future of trade. And it has delivered from day one.”
Non-oil trade has risen to nearly US$50 billion since the CEPA was signed, putting it on track to achieve its US$100 billion goal by 2030. Al Zeyoudi said that India, South Asia’s largest economy, is emerging as a “fourth economic pole” alongside the United States, European Union, and China.
“In parallel, we are cementing our position as a middle power — an innovation hub, a global market and a gateway to the world. As the economic centre of gravity shifts south and east, the UAE-India Cepa is creating an economic alliance that promises to help unlock the Asian future and establish the trade routes of tomorrow” he stated.
The CEPA deal includes mutually enhanced market access, lower or eliminated tariff rates, simpler customs procedures, and clear regulatory guidelines. The local office of the UAE-India Business Council in Dubai was also launched on Friday. It aims to improve collaboration between the nations’ business sectors and help them to access each other’s markets and expertise. Our review of what the CEPA agreement means for both the UAE and India can be read here.
Dezan Shira & Associates has offices in both Dubai and India and can assist investors from each in their chosen markets. Services provided include market and business intelligence research, corporate establishment, tax advisory, compliance and related matters. Please email us at asia@dezshira.com for assistance.
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