UAE and India convene in Chennai, Targets $100bn worth Gulf Trade

New Delhi: Top business representatives from the UAE and India convened in Chennai on Wednesday, aiming to bolster trade ties between the Gulf region and India's southern states.

Since the initiation of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) in May 2022, commercial relations between the two nations have soared to unprecedented levels.

Under the CEPA, both sides anticipate a surge in bilateral trade value for non-petroleum products to surpass $100 billion and services trade to reach $15 billion by 2030.

Organized by the UAE-India CEPA Council in collaboration with the Confederation of Indian Industry and the UAE Embassy, the meeting in Chennai engaged exporters from various sectors including logistics, automotive, agriculture and healthcare.

The UAE Embassy released a statement saying that “the roundtable provided a valuable platform for business owners to discuss opportunities to benefit from the UAE-India Comprehensive Economic Partnership Agreement, and the bilateral strategic partnership more broadly”.

During the meeting, Vice President of Corporate Affairs at DP World - Colonel Shubhransh Srivastav presented insights on Bharat Mart, a recently launched warehousing facility in Dubai aimed at boosting Indian SME exports to the UAE and MENA region. The Indian Prime Minister Narendra Modi had inaugurated Bharat Mart during his recent visit to the UAE.

Ahmed Aljneibi, Director of the UAE-India CEPA Council, highlighted the preferential market access provided by the CEPA, emphasizing its role in fostering economic cooperation and strengthening bilateral ties.

“The significant benefits afforded by the CEPA, including preferential market access and the facilitation of MSME expansion, underscore its role in catalyzing cooperation and strengthening cultural, political and economic ties between our nations,” said Aljneibi.

Source: Arab News