THE STRATEGIC PARTNERSHIP between the United Arab Emirates (UAE) and India has never been stronger. At the heart of the flourishing relationship lies the Comprehensive Economic Partnership Agreement (CEPA). This week marks the second anniversary of the implementation of an agreement that has bolstered bilateral trade and investment by slashing tariffs, streamlining cross-border trade, broadening market access for services, instituting dispute settlement mechanisms, and safeguarding intellectual property rights.
The numbers speak for themselves. Bilateral trade has reached historic highs, growing from $72.9 billion to $84.5 billion between the 2021-2022 and 2022-2023 fiscal years—an almost 16 per cent year-on-year increase. The UAE has also emerged as India’s fourth-largest foreign investor, with $3.3 billion in FDI inflows during the 2022-2023 fiscal year. This remarkable progress is a testament to the shared vision of our two nations to harness the power of economic integration to deliver mutual prosperity.
Building upon this success, the two nations have elevated their collaboration by inaugurating the UAE-India CEPA Council (UICC) this year. This high-level body brings together government officials and private sector leaders from both countries to identify new avenues for collaboration and ensure the agreement continues to deliver tangible results. The council’s work has already yielded dividends, with several Indian companies engaging with key stakeholders from the UAE to address business issues and establish a presence to leverage our strategic location as a global hub.
Denne historien er fra May 12, 2024-utgaven av THE WEEK India.
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Denne historien er fra May 12, 2024-utgaven av THE WEEK India.
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