India-UAE Business Summit

  • Held as part of the Vibrant Gujarat Global Summit 2024.
  • UAE’s President Sheikh Mohamed bin Zayed Al Nahyan is the chief guest at the Vibrant Gujarat Global Summit 2024.

Key Highlights:

  • A report on the CII India-UAE Start-Up Initiative titled “Unlocking Opportunities: India- UAE Start-Up Ecosystem Convergence” was launched.
  • The inaugural session was chaired by Mr R Dinesh, President, CII and Chairman, TVS Supply Chain Solutions Limited.
  • Included addresses from Sultan Ahmed bin Sulayem, Chief Executive Officer – of DP World, and M.A. Yusuff Ali, Chairman of Lulu Group International.
  • Discussion session for further cooperation in trade finance, investment facilitation, and sectoral collaboration.
  • Delegations comprised of representatives from both the Government and the industry.
  • A presentation on the Bharat Mart which is a proposed warehousing facility by India in the UAE to support Indian exporters.

India-UAE Trade:

  • Rose to USD 85 billion in 2022, and made UAE India’s third-largest trading partner for 2022-23 and India’s second-largest export destination.
  • In February 2022, India became the first country UAE to sign a Comprehensive Economic Partnership Agreement (CEPA).
  • Bilateral trade has increased by approximately 15% since the entry into force of the CEPA on 1 May 2022.

CEPA:

  • Landmark agreement for cooperation and strengthening cultural, political and economic ties.
  • Helped reduce tariffs on more than 80% of product lines.
  • Eliminate trade barriers.
  • Create new investments and joint ventures.
  • Bilateral non-oil trade reached US$50.5 billion, (a growth of 5.8%).
  • MoU to promote the use of local currencies (INR-AED) for cross-border transactions was signed by the Governors of the respective Central Banks of India and the UAE in July 2023.
Posted in Current Affairs.