In a bid to bolster economic ties between the United Arab Emirates (UAE) and Bharat, the UAE-India CEPA Council (UICC), in collaboration with the Confederation of Indian Industry (CII), organized a business roundtable in Chennai. The event aimed to promote the UAE-Bharat Comprehensive Economic Partnership Agreement (CEPA) and facilitate discussions on enhancing bilateral trade and investment opportunities.
The roundtable witnessed the participation of over 20 stakeholders from diverse sectors including logistics, automotive, agriculture, and healthcare. Representatives from both countries engaged in fruitful discussions on leveraging the benefits provided by the CEPA for fostering economic growth and collaboration.
Colonel Shubhransh Srivastav, Vice President of Corporate Affairs at DP World, shed light on the recently launched Bharat Mart initiative, designed to bolster Bharatiya SME exports to the UAE and the broader Middle East and North Africa (MENA) region. This initiative holds significant promise for enhancing trade relations between the two nations.
Similarly, Sameer Nawani, Chief Representative in Bharat for the Dubai Chamber of Commerce and Industry, highlighted investment opportunities available for Bharatiya businesses in Dubai, further underlining the potential for bilateral economic cooperation.
Ahmed Aljneibi, Director of the UAE-India CEPA Council (UICC), emphasized the importance of such platforms in fostering closer ties between UAE and Bharatiya businesses. He underscored the role of the CEPA in facilitating preferential market access and expanding opportunities for Micro, Small, and Medium Enterprises (MSMEs), thus deepening the economic partnership between the two nations.
CII National Council member TT Ashok reiterated the strategic partnership between Bharat and the UAE, emphasizing the strong rapport between the leadership of both countries. He highlighted the significant progress made, including the swift signing of the CEPA and the shared goal of achieving USD 100 billion in bilateral trade.
The roundtable also witnessed contributions from Prasanna Rajagopalan, CII-Co Chairman of the Global Linkages Sub Committee, Southern Region. Participants engaged in an open discussion on avenues to enhance engagement between UAE and Indian businesses and measures to streamline regulatory processes for importers and exporters.
Discussions during the roundtable centered on the collaborative efforts undertaken by the UAE and Bharatiya governments under the CEPA framework. These efforts aim to facilitate trade, promote innovation and investment, simplify regulations, and reduce tariffs, thereby bolstering the UAE-Bharat partnership.
In a statement, the UAE Embassy in Delhi emphasized the CEPA’s significance in fostering a mutually beneficial relationship between the UAE and Bharat. The UICC reaffirmed its commitment to fostering open dialogue and tangible cooperation to accelerate trade ties and mutual prosperity between the two nations.
The signing of the CEPA in 2022 marked a significant milestone in the bilateral relations between Bharat and the UAE. With continued efforts to strengthen economic cooperation, such initiatives promise to further enhance the partnership and unlock new avenues for growth and collaboration between the two nations.
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