India-UAE Business Summit Strengthens Bilateral Ties

Recently, the India-UAE Business Summit was convened as part of the Vibrant Gujarat Global Summit 2024 to fortify bilateral relations.

GS-03 (Economy)

During the summit’s inaugural session, the launch of the UAE–India Comprehensive Economic Partnership Agreement (CEPA) Council (UICC) website was announced.
The event featured discussions aimed at fostering collaboration in trade finance, investment facilitation, and sectoral partnerships.
Delegations from both India and the UAE, comprising representatives from government and industry, participated.
A presentation on Bharat Mart, a proposed warehousing facility in the UAE to support Indian exporters, was also part of the session.

In terms of India-UAE relations, bilateral trade reached USD 85 billion in 2022, establishing the UAE as India’s third-largest trading partner for the fiscal year 2022-23 and its second-largest export destination.
In February 2022, India and the UAE signed a historic Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone. Since the CEPA’s implementation on May 1, 2022, bilateral trade has experienced a notable uptick, witnessing a 15% increase.
The CEPA has played a crucial role in reducing tariffs on over 80% of product lines, eliminating trade barriers, and paving the way for new investment opportunities and joint ventures.
The first 12 months of the CEPA saw bilateral non-oil trade reaching US$50.5 billion, reflecting a 5.8% growth compared to the corresponding period in the previous year.

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