New Delhi, UAE Ambassador Abdulnasser Alshali on Wednesday said the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates has been hailed as a spectacular success story strengthening the long-standing economic ties between the two sides. emerged from.
The envoy said that after the signing of the mega trade agreement, there has been a significant increase in bilateral trade between the two countries.
"The UAE-India CEPA has emerged as a resounding success story, strengthening the countries' long-standing economic ties and ushering in a new era of prosperity," Alshali said.
“Over the past two years, we have seen significant growth in the Bilatera business, which is testament to the immense potential that exists when our complementary strengths are effectively harnessed,” he said.
The Ambassador was speaking at an event in Mumbai which was organized to mark the second anniversary of the implementation of CEPA."CEPA has not only opened up new avenues for businesses to benefit from bilateral partnerships, but also promoted deeper integration of your economies, leading to increased investment flows and cooperation across sectors," he said.
Following the historic visit of Prime Minister Narendra Modi to the UAE in August 2015, bilateral relations between the two countries were elevated to a comprehensive strategic partnership.
The two countries signed CEPA in February 2022 and a Local Currency Settlement (LCS) System in July 2023 to promote the use of Indian Rupee and AED (United Arab Emirates Dirham) for cross-border transactions.
CEPA comes into effect from May 1, 2022.
The trade agreement offers several benefits, including eliminating tariff reductions, promoting an open trade environment, and enhancing market access for service providers in various sectors.It also addresses technical barriers and provides access to government procurement opportunities.
According to a statement issued by the UAE Embassy in New Delhi, key Indian export sectors have benefited significantly since the implementation of CEPA, with Indian gems and jewelery exports to the UAE increasing by approximately 64 per cent in the last two years.
It said other important Indian export sectors, such as drugs and pharmaceuticals and fruit and vegetable products, also registered growth of about 39 per cent and 35 per cent respectively.
Beyond direct trade, CEPA has facilitated a number of investment benefits, creating a deep sense of confidence and ambition within both the UAE and Indian business communities.
The embassy said CEPA has been "crucial" to the development of several economically transformative projects such as Bharat Mart in Dubai, as well as significant investments in the Indian economy by leading UAE entities.Abu Dhabi Investment Fund's commitment to raise US$5 billion in collaboration with Gujarat's GIFT City, Mubadala's acquisition of eight per cent stake in Manipal Health and Lulu Group's strong expansion plans in the India retail market are strongly interconnected. Reveal beneficial effects. CEPA, the statement said.
It said the establishment of the UAE-India CEPA Council earlier this year underlines the commitment of the two countries to strengthen their economic partnership.
"Supported by the UAE and Indian governments, the CEPA Council works to enhance investment and trade relations, further strengthening the dynamic and resilient economy created by the implementation of CEPA," it said.
It added, “Looking ahead, partnerships in key industries such as start-ups, women entrepreneurs, micro, small and medium-sized enterprises (MSMEs) and services sectors will continue to drive the UAE-India growth story.,
The two countries are among each other's top trading partners, with bilateral trade expected to reach around US$85 billion in 2022-23, according to official data.
UAE is also among the top four investors in India in terms of foreign direct investment in 2022-23.
The approximately 3.5 million strong and vibrant Indian community is the largest expatriate group in the UAE.
The envoy said that after the signing of the mega trade agreement, there has been a significant increase in bilateral trade between the two countries.
"The UAE-India CEPA has emerged as a resounding success story, strengthening the countries' long-standing economic ties and ushering in a new era of prosperity," Alshali said.
“Over the past two years, we have seen significant growth in the Bilatera business, which is testament to the immense potential that exists when our complementary strengths are effectively harnessed,” he said.
The Ambassador was speaking at an event in Mumbai which was organized to mark the second anniversary of the implementation of CEPA."CEPA has not only opened up new avenues for businesses to benefit from bilateral partnerships, but also promoted deeper integration of your economies, leading to increased investment flows and cooperation across sectors," he said.
Following the historic visit of Prime Minister Narendra Modi to the UAE in August 2015, bilateral relations between the two countries were elevated to a comprehensive strategic partnership.
The two countries signed CEPA in February 2022 and a Local Currency Settlement (LCS) System in July 2023 to promote the use of Indian Rupee and AED (United Arab Emirates Dirham) for cross-border transactions.
CEPA comes into effect from May 1, 2022.
The trade agreement offers several benefits, including eliminating tariff reductions, promoting an open trade environment, and enhancing market access for service providers in various sectors.It also addresses technical barriers and provides access to government procurement opportunities.
According to a statement issued by the UAE Embassy in New Delhi, key Indian export sectors have benefited significantly since the implementation of CEPA, with Indian gems and jewelery exports to the UAE increasing by approximately 64 per cent in the last two years.
It said other important Indian export sectors, such as drugs and pharmaceuticals and fruit and vegetable products, also registered growth of about 39 per cent and 35 per cent respectively.
Beyond direct trade, CEPA has facilitated a number of investment benefits, creating a deep sense of confidence and ambition within both the UAE and Indian business communities.
The embassy said CEPA has been "crucial" to the development of several economically transformative projects such as Bharat Mart in Dubai, as well as significant investments in the Indian economy by leading UAE entities.Abu Dhabi Investment Fund's commitment to raise US$5 billion in collaboration with Gujarat's GIFT City, Mubadala's acquisition of eight per cent stake in Manipal Health and Lulu Group's strong expansion plans in the India retail market are strongly interconnected. Reveal beneficial effects. CEPA, the statement said.
It said the establishment of the UAE-India CEPA Council earlier this year underlines the commitment of the two countries to strengthen their economic partnership.
"Supported by the UAE and Indian governments, the CEPA Council works to enhance investment and trade relations, further strengthening the dynamic and resilient economy created by the implementation of CEPA," it said.
It added, “Looking ahead, partnerships in key industries such as start-ups, women entrepreneurs, micro, small and medium-sized enterprises (MSMEs) and services sectors will continue to drive the UAE-India growth story.,
The two countries are among each other's top trading partners, with bilateral trade expected to reach around US$85 billion in 2022-23, according to official data.
UAE is also among the top four investors in India in terms of foreign direct investment in 2022-23.
The approximately 3.5 million strong and vibrant Indian community is the largest expatriate group in the UAE.
