In a bid to boost economic ties, the UAE-India Comprehensive Economic Partnership Agreement (Cepa) Council has set ambitious targets to double non-oil trade between the two countries by 2030. Since the signing of the Cepa agreement in 2022, bilateral trade has surged by 16%, surpassing $50 billion. Ahmed Aljneibi, Director of the UAE-India Cepa Council, shared these goals during a business roundtable held in Chennai, highlighting the potential for enhanced economic collaboration.
The UAE-India Cepa Council, in collaboration with the Confederation of Indian Industry (CII), organized the roundtable to engage Chennai-based exporters and promote the economic partnership between the two nations. More than 20 participants from sectors such as logistics, automotive, agriculture, and healthcare attended the event, signaling keen interest in exploring opportunities under the Cepa agreement.
During the discussion, Aljneibi emphasized the importance of leveraging the benefits of the Cepa agreement to inform and empower the business community in India. He outlined plans to conduct similar roadshows across different cities, including in Tamil Nadu, to raise awareness about the potential opportunities available for businesses to expand into the UAE market.
The UAE-India Cepa, signed on February 18, 2022, during a virtual summit between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, aims to deepen economic cooperation and facilitate trade between the two countries. Since its enforcement on May 1, 2022, the agreement has paved the way for significant growth in key sectors, including mineral fuels, electrical machinery, gems and jewelry, automobiles, and agricultural products.
Aljneibi expressed optimism about the prospects for further trade expansion, noting the enthusiasm among Indian businesses to tap into the UAE market. He emphasized the role of the Cepa Council in providing guidance and support to businesses seeking to explore opportunities in the UAE, thereby fostering stronger economic ties between the two nations.
The roundtable served as a valuable platform for participants to discuss strategies to capitalize on the benefits of the Cepa agreement and enhance bilateral trade relations. As both countries continue to explore avenues for collaboration across various sectors, the UAE-India Cepa Council remains committed to facilitating mutually beneficial partnerships and driving economic growth.
With a concerted effort to capitalize on the opportunities presented by the Cepa agreement, the UAE and India are poised to strengthen their economic partnership and achieve significant milestones in non-oil trade over the coming years.
