The United Arab Emirates (UAE) and Bharat marked an important milestone as they celebrated the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA). This agreement has played a crucial role in bolstering economic growth and collaboration between the two countries, according to a statement from the UAE embassy.
The event, which took place in Mumbai, saw the participation of various eminent dignitaries, noting the significance both countries attach to their bilateral economic ties. Since the implementation of the CEPA on May 1, 2022, there have been notable advancements in various sectors, contributing to mutual prosperity.
#WATCH | Mumbai, Maharashtra: On two years of UAE-India Comprehensive Economic Partnership Agreement (CEPA), UAE ambassador to India Abdulnasser Jamal Alshaali says, "Trade has increased by 16%. This includes oil to USD 85 billion. Interest has grown in UAE companies wanting to… pic.twitter.com/a5mxScB6Fh
— ANI (@ANI) May 1, 2024
One of the key highlights of the CEPA’s success is the substantial increase in Bharatiya exports to the UAE across several industries.
For instance, Bharatiya exports of gems and jewellery to the UAE soared by 64%, while exports of drugs and pharmaceuticals increased by 39%, and exports of fruits and vegetables witnessed a significant rise of 35%.
Abdulnasser Alshaali, Ambassador of the UAE to Bharat, expressed his satisfaction with the growth made under the CEPA, emphasizing its role in boosting the longstanding economic ties between the two countries. He highlighted the remarkable progress in bilateral trade over the past two years, indicating the vast potential for further collaboration and investment.
The CEPA has facilitated a more open and conducive trade environment by eliminating or reducing tariffs, enhancing market access for service providers, and addressing technical barriers.
These measures have not only boosted bilateral trade but have also fostered deeper integration of the UAE and Bharatiya economies, paving the way for increased investment flows.
Since the implementation of the CEPA, major Bharatiya export sectors such as gems and jewellery, drugs and pharmaceuticals, and fruits and vegetables have witnessed significant growth. This progress underscores the mutually beneficial nature of the agreement and its positive impact on both nations economies.
Furthermore, the CEPA has catalyzed investment benefits, leading to transformative projects and important and influential investments by major UAE entities into the Bharatiya economy.
Projects like Bharat Mart in Dubai and investments by entities such as the Abu Dhabi Investment Fund and Mubadala highlight the tangible outcomes of the CEPA in fostering economic cooperation.
The achievement of the UAE-Bharat CEPA Council further reaffirms the commitment of both countries to boosting their economic partnership. This council, supported by the governments of the UAE and Bharat, goals to enhance investment and trade ties, particularly in critical sectors such as start-ups, women entrepreneurs, and micro, small, and medium-sized enterprises (MSMEs).
As the UAE and Bharat commemorate the second anniversary of the CEPA, they reaffirm their commitment to deepening their partnership and harnessing the power of economic integration for mutual benefit.
The success of the CEPA reflects the robust alliance between the two nation and sets a positive trajectory for future collaboration and growth.
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