The bilateral trade agreement between India and the UAE has proven to be a game-changer, with trade between the two countries increasing by 16 percent, reaching a staggering 85 billion USD. This significant growth was highlighted by UAE officials in an exclusive interview with ANI.
Ahmed Aljneibi, Director of the UAE-India Cooperation and Coordination Office (UICC), shared the positive impact of the Comprehensive Economic Partnership Agreement signed two years ago. He emphasized the importance of Jaipur in facilitating trade, with the city contributing approximately half a billion dollars to the UAE-India trade.
The UAE officials expressed their intention to engage with local businesses in Jaipur to explore partnership opportunities, showcasing the potential for further collaboration between the two nations. Ras Al-Khaimah was also highlighted as a key location for Indian business leaders due to its economic investment policies and infrastructure.
The UAE-India CEPA Council, launched earlier this year, offers numerous benefits for businesses from both countries, including greater market access, reduced tariffs, and a non-discriminatory trading environment. The agreement also addresses technical barriers to trade and provides support for UAE businesses in government procurement tenders.
As both countries deepen their partnership, businesses are set to benefit from the conducive regulatory framework and enhanced market access facilitated by the agreement. With the CEPA in full force, the future looks bright for the economic ties between India and the UAE.