The UAE pavilion saw a record turnout of business leaders and private sector representatives. They deliberated on trade, investment prospects, and strategies to advance the UAE-India relationship, evolving under the CEPA, entering its second year….reports Asian Lite news
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a high-level UAE economic delegation to participate in the 2024 Vibrant Gujarat Global Summit.
During the summit, Indian Prime Minister Narendra Modi inaugurated the UAE pavilion, which saw a record turnout of business leaders and private sector representatives to discuss trade and investment opportunities between the UAE and India, and ways to develop them and elevate the relationship to new levels under the umbrella of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which will complete its second year in May 2024.
Dr. Al Zeyoudi said, “The presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan at the summit is a testament to the importance the UAE leadership attaches to the bilateral relationship between the two countries. In this context, the high-level participation of the UAE in the Vibrant Gujarat Global Summit confirms the strength of the UAE-India relations and reflects the UAE’s commitment to joint work to develop the bilateral economic relations.”
He added, “The two friendly countries continue to work together to explore the limitless opportunities provided by the UAE-India CEPA. The Vibrant Gujarat Global Summit is an important platform for discussions, communication, and exchange of knowledge and expertise. The state of Gujarat embodies these opportunities, as it is a major commercial gateway for UAE products entering India and a major destination for UAE investments looking for promising opportunities.”
Al Zeyoudi also held talks with Piyush Goyal, Minister of Commerce and Industry in India, to discuss ways to enhance trade and investment cooperation between the two countries. The two ministers discussed the progress of the implementation of the CEPA, and the opportunities available for UAE and Indian businesses in both countries.
Al Zeyoudi also met with Bhupendrabhai Patel, Chief Minister of Gujarat, to discuss ways to stimulate investment flows and agreed to continue exploring opportunities in sectors of common interest.
Al Zeyoudi also met with Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco, on the sidelines of the Vibrant Gujarat Global Summit, and they discussed ways to enhance trade and investment flows between the two nations.
In the meantime, the UAE Ministry of Economy, in cooperation with the UAE Embassy in New Delhi and the Confederation of Indian Industry organised the UAE-India Business Summit on the sidelines of the Vibrant Gujarat Global Summit 2024, which was attended by a number of ministers and officials from the two countries.
During the summit, Al Zeyoudi gave an opening speech highlighting the benefits and achievements of the Comprehensive Economic Partnership Agreement between the two countries. He urged business leaders from both sides to continue exploring shared opportunities.
The business summit included extensive participation from the business community of both countries. A new website of the UAE-India Comprehensive Economic Partnership Agreement Council was launched during the summit. Designed to encourage cooperation between SMEs and start-ups in the two countries, the website will be supported by a promotional campaign conducted in partnership with national and regional industry associations throughout India, covering 11 states through 17 separate events.
CEPA fuels prosperity and sustainable growth
The economic, trade, and investment cooperation between the UAE and India represents a model for constructive international collaboration to stimulate bilateral investments and trade. This was culminated in the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, contributing to creating more opportunities for sustainable mutual growth in their economies.
This comprehensive economic partnership reflects the strength of bilateral relations across all sectors, particularly in economic ties that have witnessed continuous development based on shared visions and strategies aimed at expanding into new vital sectors. These sectors support sustainable growth and competitiveness, aligning with the wise leadership’s directives in both countries.
CEPA between the UAE and India, signed on 18th February 2022, stands as the first bilateral agreement within the country’s global economic agreements programme, aimed at expanding the state’s network of trading partners with strategically important regional and global markets on the world trade map. It was also India’s first of its kind with a country in the Middle East and North Africa region. The agreement is expected to boost non-oil bilateral trade to reach US$100 billion annually by 2030.
The economic cooperation between the UAE and India is witnessing continuous momentum across various sectors such as circular economy, tourism, aviation, entrepreneurship, small and medium-sized enterprises, renewable energy, technology, digital transformation, and transportation. This is all within the framework of their economic partnership and the potential both countries hold, aiming to strengthen cooperation in mutually interesting areas. This has contributed to stimulating economic growth for both nations, creating new promising opportunities for Emirati and Indian business communities.
Both the UAE and India have adopted several joint initiatives and action plans to support the expansion of new economic sectors in their markets, boosting the growth of Emirati and Indian startups, and providing them with more advantages and incentives. This ensures an increased contribution to the Gross Domestic Product (GDP) growth of both countries.