UAE-India CEPA Council Signs Agreement with Indian Business Body

The UAE-India Cepa Council (UICC) and the Indian Chamber of Commerce (ICC) have entered into a memorandum of understanding (MoU) to initiate a strategic alliance aimed at enhancing economic and trade relations between the UAE and India. Aligned with their respective goals, the UICC and ICC will coordinate their efforts, pool resources, and exchange ideas to raise awareness in both countries about the considerable opportunities presented by the UAE-India bilateral economic partnership.

The MoU establishes a broad-based partnership between the participants, focused on the public promotion of the UAE-India bilateral economic partnership and the UAE-India Cepa in particular. Both organizations will collaborate on increasing awareness within the UAE and India regarding the significant potential of the bilateral economic partnership, highlighting opportunities for UAE and Indian companies to leverage the UAE-India Cepa and mobilizing key UAE and Indian private sector stakeholders to support increased economic and investment, and trade engagement between the two nations.

Additionally, they will initiate dialogue and share information, create channels for member engagement, consider hosting collaborative events, facilitate member interactions, advocate for organizational roles, and actively pursue opportunities to enhance tangible cooperation between the leadership of both organizations.

Abdulnasser Alshaali, the UAE ambassador to India, said, “This collaboration presents a valuable opportunity to further fortify the economic ties between the UAE and India. We are committed to fostering an environment conducive to mutual investments, technological collaborations, and people-to-people exchanges”.

This partnership advances the objectives of the bilateral trade partnership by enhancing trade volumes, extending the benefits of favorable trade policies to businesses in both countries and fostering opportunities for the economic relationship between India and the UAE to thrive.

Dr Rajeev Singh, director-general of the Indian Chamber of Commerce, added, “The ICC is delighted to partner with the UICC through this MoU. By combining our complementary strengths, we aim to unlock new avenues for businesses in both nations to capitalize on the immense potential of the Cepa and drive sustainable economic growth”.

The UICC is committed to fostering economic cooperation and trade ties between the UAE and India. By forging strategic partnerships and initiatives like this MoU, the council aims to facilitate mutually advantageous opportunities for businesses in both nations.

Since its establishment in early 2024, the UICC has played a crucial role in significantly enhancing economic, investment, and trade relations between the UAE and India. From its inception, the council has adeptly seized opportunities arising from the Cepa, guiding bilateral economic interactions towards a notably positive trajectory. Over the fiscal year spanning April 2022 to March 2023, bilateral trade soared from $72.9 billion to $84.5 billion, representing a remarkable expansion of nearly 16 percent. This growth is further demonstrated by substantial increases in specific sectors such as gems and jewelry, pharmaceuticals, and fruits and vegetables, which experienced rises of 64 percent, 39 percent, and 35 percent, respectively.

“The tangible impacts of the Cepa are profound, catalyzing billions of dollars in investments and fostering a heightened level of business confidence that spans multiple industries”, said a release. “Cepa has not only facilitated easier market access and reduced trade barriers but has also encouraged a dynamic exchange of goods and investments, leading to a diversified economic engagement between the UAE and India. The council is dedicated to advancing these goals, actively organizing events and initiatives that promote deeper business ties and enhance mutual understanding. This proactive approach by the UAE-India Cepa Council underscores its commitment to sustaining and expanding the economic partnership”.