The UAE-India CEPA Council (UICC) and the Indian Chamber of Commerce (ICC) have signed a Memorandum of Understanding (MoU) to enhance economic and trade relations between the UAE and India. This strategic partnership aims to promote awareness of the UAE-India bilateral economic partnership and the benefits of the UAE-India CEPA.
The MoU establishes a comprehensive collaboration between the UICC and the ICC, focusing on public promotion, increasing awareness, and mobilizing private sector stakeholders to support economic engagement between the two nations. Both organizations will engage in dialogue, information sharing, and host joint events to facilitate member interactions and promote organizational roles.
Abdulnasser Alshaali, Ambassador of the UAE to India, expressed his commitment to strengthening economic ties, fostering mutual investments, technological collaborations, and people-to-people exchanges between the two nations.
This partnership builds upon the objectives of the bilateral trade partnership, aiming to boost trade volumes, bring benefits of favorable trade policies to enterprises, and create opportunities for economic growth between India and the UAE.
Dr Rajeev Singh, Director General of the Indian Chamber of Commerce, highlighted the partnership’s aim to unlock new avenues for businesses in both nations to capitalize on the immense potential of the CEPA and drive sustainable economic growth.
The UICC, established in 2024, has played a pivotal role in enhancing economic, investment, and trade ties between the UAE and India. Over the fiscal year from April 2022 to March 2023, bilateral trade surged by almost 16 percent, reaching USD 84.5 billion. Specific sectors like gems and jewellery, pharmaceuticals, and fruits and vegetables saw substantial growth, exemplifying the CEPA’s impact.
The CEPA has catalysed billions of dollars in investments and fostered business confidence across multiple industries by facilitating easier market access and reducing trade barriers. It has encouraged a dynamic exchange of goods and investments, leading to diversified economic engagement between the UAE and India.
The UICC is dedicated to advancing these goals through proactive initiatives that promote deeper business ties and mutual understanding. By organizing events and initiatives, the council underscores its commitment to sustaining and expanding the economic partnership between the UAE and India.
In conclusion, the partnership between the UICC and the ICC marks a significant step towards strengthening economic ties between the UAE and India. Through collaborative efforts, both organizations aim to maximize the potential of the UAE-India CEPA, driving economic growth and prosperity for businesses in both nations.
