The UAE ambassador, Abdulnasser Alshaali, expressed his satisfaction with the achievements of the economic partnership between India and the United Arab Emirates, highlighting the positive impact of the comprehensive economic partnership agreement (CEPA) in strengthening economic ties between the two countries. The trade pact, which came into force in May 2022, has paved the way for enhanced market access, the elimination and reduction of tariffs, and the fostering of an open trade environment, providing a platform for businesses to benefit from the bilateral partnership.
Alshaali noted the significant growth in bilateral trade over the past two years, attributing it to the successful implementation of the CEPA, which has facilitated deeper integration of the economies of India and the UAE. The ambassador emphasized the immense potential that exists when the two nations' complementary strengths are effectively harnessed, leading to increased investment flows, collaboration across diverse sectors, and the opening of new avenues for businesses to thrive within the partnership. The CEPA has also addressed technical barriers and provided access to government procurement opportunities, creating a conducive environment for trade and investment between the two nations.
Moreover, the success of the CEPA has not only impacted direct trade but has also extended to investment benefits and increased confidence and ambition within the UAE and Indian business communities. The agreement has played a pivotal role in the development of economically transformative projects, such as Bharat Mart in Dubai, and has attracted significant investments from major UAE entities into the Indian economy, including the establishment of a USD 5 billion fund by the Abu Dhabi Investment Fund in collaboration with Gujarat's GIFT City. The mutually beneficial impacts of the CEPA are evident in the growth of sectors like gems and jewellery, drugs and pharmaceuticals, and fruit and vegetable products, with notable expansions and investments contributing to the economic prosperity of both countries.