Dubai, June 14, 2022 (WAM)-One of the three chambers of commerce under the Dubai Chamber of Commerce, the Dubai Chamber of Commerce has recently entered into a groundbreaking UAE-India Comprehensive Economic Partnership Agreement. Expected benefits generated by (CEPA) and various economic free trade agreements.
The webinar, with more than 270 participants, was held in collaboration with the UAE Embassy in India, the Federation of Indian Chambers of Commerce (ASSOCHAM), the Dubai Economic and Tourism Board and the Indian Business & Professional Council (IBPC).
After coming into force in May 2022, the CEPA is expected to further boost 90% of imports and exports between the two countries, and trade agreements are expected to also benefit bilateral investment and tourism exchanges.
In a speech during the event, Omar Khan, International Secretary-General of the Dubai Chamber of Commerce, said CEPA will bring UAE and India’s economic cooperation to new emerging and innovation-focused sectors such as AI, blockchain and fintech. I explained how it is expected to expand.
He said the Chamber of Commerce is looking at new business opportunities as the CEPA changes the dynamics of bilateral trade between the UAE and India and builds a new bridge between the two business communities.
In a special speech to participants, UAE Indian Ambassador Sunjay Sudhir emphasized the importance of leveraging CEPA to generate widespread mutual economic benefits, and the agreement was reached by the Government of India and the UAE for nearly a decade. He added that it was the result of his efforts. Strengthen and expand economic cooperation.
“The impetus for this agreement is a comprehensive and strategic outcome, and the CEPA stems from this commitment to promote trade and deepen economic relations. The UAE is a policy for the interests of the business community and the future of the economy. We continue to evolve, “said Sudhir.
“The UAE is India’s third largest trading partner and synergistically explores the range of stakeholder business opportunities,” he said. “Trade agreements will help drive two-way trade from the existing US $ 60 billion to US $ 100 billion over five years. This is a joint effort to combine the visions of the two countries,” said Secretary-General Dee. Puck Sud said. Asocham.
Following the presentation, a panel discussion was held with UAE and Indian government officials to share their views and expectations on the impact of CEPA on trade agreements on goods, services and investments.
The panel was attended by speakers, including Fakli al-Hazaima, Senior Consultant in the United Arab Emirates Economic Affairs and International Organizational Trade Negotiations and International Organizations Division. Shaima Alaydarous, Director of Trade Negotiations and International Organizations, United Arab Emirates. Parul Singh, Deputy Chief Cabinet Secretary of the Ministry of Commerce and Industry of India.
The CEPA is the first bilateral trade agreement signed by the UAE with India, which will bring total bilateral trade in commodities to over US $ 100 billion and trade in services to US $ 15 billion within five years. Is expected to exceed.