India-UAE Launch Bilateral Trade Agreement To Strengthern Trade And Investment

The India-UAE Comprehensive Economic Partnership Agreement (CEPA) has reached its first anniversary, with the two countries opening the UAE chapter of their joint business chamber to strengthen economic ties and promote increased bilateral trade and investment. Following a virtual meeting between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, India and the United Arab Emirates (UAE) signed a Comprehensive Economic Partnership Agreement (CEPA) on February 18, last year to strengthen their trade relations.

Thani bin Ahmed Al Zeyoudi, the UAE's minister of state for foreign trade, officially launched the UAE India Business Council in the presence of the UAE's ambassador to India, Sunjay Sudhir, the Indian consul general in Dubai, Aman Puri, and the members of the UBIC-founding UC.

The two countries hope to increase bilateral trade to USD 100 billion and persuade the UAE to invest USD 75 billion in India.

The UIBC-UC is ready to play a significant role in assisting both countries in achieving these goals and realising the full potential of the UAE-India partnership.

The council, which takes advantage of the two countries' close ties, brings together significant partners and stakeholders from both countries and will serve as a vital source of policy guidance, encouraging creative collaboration between Indian and Emirati firms.

In his remarks on the occasion, Minister Zeyoudi emphasised that the establishment of the UAE Chapter of the UAE India Business Council marks a watershed moment in the development of the UAE-India relationship.

Furthermore, he stated that the Council will be critical in assisting the two countries in achieving their common goal of increasing bilateral trade and investment. He expressed hope that it will spark creative collaboration between our two powerful nations.

"The launch today marks a significant milestone in the strengthening of the relationship between the United Arab Emirates and India," said Ambassador Sudhir.

The UIBC-UC will serve as the counterpart organisation to the UIBC India Chapter, which was established on September 3, 2015, in New Delhi by Sushma Swaraj, the country's then-minister of external affairs, and Sheikh Abdullah bin Zayed Al Nahyan, the UAE's minister of foreign affairs and international cooperation.

The UAE Ministry of Foreign Affairs and International Cooperation and the Government of India's Ministry of External Affairs have both approved the establishment of the UAE India Business Council - UAE Chapter (UIBC-UC).

The UIBC-UC has been registered as a legal and financial entity with the Dubai Chamber of Commerce and will conduct business under the supervision of the Federation of UAE Chambers of Commerce and Industry.

The council, an all-UAE organisation with an office in Abu Dhabi, will be dedicated to fostering business and economic ties between the UAE and India. Institutional members will gradually be invited, and membership in UIBC-UC will be by invitation only.

The goal of the council, according to Faizal Kottikollon, Chairman of KEF Holdings and newly appointed Chairman of the UIBC-UC, will seek to identify big strategic initiatives that may be done by both countries.

"This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion," he said.

DP World's CEO and MD for the Indian Subcontinent, Rizwan Soomar, will co-chair the UIBC-UC.

The Chairman of the UIBC India Chapter, Major General (Retd.) Sharafuddin Sharaf, will also serve as Vice Chairman of the UIBC-UC.

Mubadala - the UAE's sovereign wealth fund, Wizz Financial, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank are the founding members of the UIBC-UC from the UAE perspective.

Large conglomerates like TATA, Reliance, and Adani are represented from the Indian side, as are tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip, as well as well-known Indian entrepreneur-led corporations with offices in the UAE like KEF Holdings, Buimerc Corporation, Apparel Group, EFS, and Lulu Financial