13th September,2024, United Arab Emirates: The Indian Business and Professional Council Dubai hosted a celebratory event marking the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE).
The gathering was held in Taj Dubai under the patronage of Consulate General of India with the UAE India CEPA Council. Presenting the remarkable progress in bilateral trade and investment since the agreement’s implementation in May 2022, the celebration recognised the double-digit growth in bilateral non-oil trade between India and the UAE as becoming 3rd largest partner of India in bilateral trade.
Speaking on the occasion, the Deputy Consul General of India Shri Yatin Patel commented “The dynamic trade relationship has contributed to stronger and more diversified supply chains. Trade, which was once concentrated in the energy sector, has now spread across various other sectors, strengthening our supply chains. Additionally, the transfer of technology has been facilitated, thanks to increased business interactions, and we’ve seen advancements in skill development. The emergence of new sectors has also led to further trade facilitation and talent growth.”
Mr. Ahmed Aljeibi, Director of the UAE-India CEPA Council, presented compelling statistics highlighting the agreement’s success. “Over the past two years, total trade has increased by nearly 15%, with the UAE’s exports rising by over 7%, and Indian exports to the UAE growing by an impressive 27%,” Aljeibi reported. He emphasized that CEPA has proven to be one of the most significant free trade agreements signed by India, underscoring the complementary nature of the two economies.
A notable shift in the post-CEPA era is the diversification of the trade basket. “We are moving away from a heavy reliance on hydrocarbons,” Aljeibi explained. “Non-oil trade between the UAE and India registered a 20% increase during the 2023-2024 financial year, highlighting the transformative potential of CEPA.”
Welcoming the guests, IBPC Vice Chairman Mr Sunil Sinha narrated that CEPA has emerged as a cornerstone of economic cooperation between the two nations, impacting numerous sectors and over 100 subsectors. Since its inception, the agreement has catalysed a surge in bilateral trade, solidifying each country’s position as a key trading partner for the other.
Dr Sahitya Chaturvedi, Secretary General of IBPC Dubai emphasized the comprehensive nature of the agreement, stating, “The provisions in India-UAE CEPA incorporate economic, financial, and cultural connections between the two nations.” His remarks highlight the far-reaching impact of CEPA beyond mere trade statistics.
The event featured a panel discussion on how CEPA has benefited India-UAE trade. Panellists included Mr. Marwan Abdulaziz, Senior Vice President of Dubai Science Park, Dubai Knowledge Park, and Dubai International Academic City; Mr. Rishi Chadha, Vice President & Head-MENA of Tata Consumer Products Ltd.; Mr. Aditya Singh, Head of Jewellery International Business at Titan; and Dr. Rajesh Agarwal, Executive Director of RMZ Group. Mr. Sreekumar Brahmanandan, Investment Director at Dubai Investments PJSC, moderated the discussion. The panellists delved into sector-specific impacts of CEPA,
discussing how the agreement has facilitated technology transfers, enhanced skills development, and created new talent demands in emerging sectors. They also explored the agreement’s role in strengthening and diversifying supply chains beyond traditional sectors.
Mr. Marwan Abdulaziz emphasised the success of the India-UAE CEPA serves as a model for international trade partnerships in the rapidly evolving global economy. As both nations continue to reap the benefits of this agreement, it paves the way for deeper economic integration and mutual prosperity, aligning with initiatives like “Visit Bharat” that seek to promote India on the global stage.
NIKAI group Chairman Paras Shadadpuri, Ramesh Mahalingam, Governor IBPC, CA James Mathew, Ali Asgar Saeed and many more stalwarts of the industry participated the event and shared their views.