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Abu Dhabi, February 18 / His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Piyush Goyal, Minister of Commerce and Industry of the Republic of India, affirmed that the Comprehensive Economic Partnership Agreement between the UAE and India will not only be an important turning point in our economic march, but also a long-term model for cooperation between countries.
His Excellency Dr. Thani Al-Zeyoudi and His Excellency Piyush Goyal said, in a joint article, on the occasion of the one-year anniversary of the signing of the Comprehensive Economic Partnership Agreement between the UAE and India, that the UAE-Indian partnership will ensure the ability of the two countries to benefit from the changing global economic map, especially the pivotal role that the continent of Asia will play in The global economic map, and they emphasized that the agreement did not represent a new economic era as much as it constituted the logical next step for two countries whose histories have become indelibly intertwined, while all measures indicate the great importance of the agreement in light of a difficult economic environment.
The joint article – which came under the title “The Comprehensive Economic Partnership Agreement between the UAE and India … A Year of Prosperity and Common Growth” reviews the importance of the partnership in enhancing strategic cooperation and advancing growth in the two countries and the region, as the value of bilateral non-oil trade in 2022 reached $49 billion, an increase 10 percent from 2021, which constitutes a significant leap towards the partnership goal for 2030.
Their Excellencies said: Exactly a year ago, specifically on February 18, 2022, the UAE and India ushered in a new era in the extended and fruitful historical relations. His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him,” and His Excellency Narendra Modi, Prime Minister of India, witnessed the signing ceremony of the Comprehensive Economic Partnership Agreement between the UAE and India, which aims to strengthen strategic cooperation between our two countries and drive growth in the region as a whole. .
They added: As the first bilateral trade agreement concluded by the UAE, and the first between India and a country in the Middle East and North Africa region, the agreement was a distinguished achievement, and on a more important level, it embodied our common belief in the power of openness and economic integration. By removing or reducing customs duties on more than 80% of goods and products, improving market access for service exports, facilitating investment flows to vital sectors, and providing a platform for small and medium-sized companies that allow them to cooperate and expand, we foresaw a new era of opportunities in a world dominated by uncertainty. .
They stressed that for the UAE, the agreement will allow our exporters to have smooth access to the markets of the fifth largest economy in the world in a vast and densely populated country that has a rapidly growing middle class and a pioneering technology system. As for India, the agreement opened a gateway to emerging economies in the Middle East and Africa, and provided an effective platform that supports business and enables the prosperity of various sectors and innovators; For both parties, it will secure supply chains and provide a path towards annual non-oil trade reaching a value of $100 billion annually by the end of the decade. It is through more than five decades of trust and cooperation between the two countries.
In the joint article, the two ministers revealed that the value of non-oil bilateral trade in 2022 reached $49 billion, an increase of 10% over 2021, which constitutes a big leap towards the goal of 2030, while India’s exports to the UAE grew by 26% and re-exported goods increased by 26%. 10%, which confirms the status of the two countries as an important center for international trade, while the Dubai Chamber of Commerce announced the registration of 11,000 new Indian companies in 2022, bringing the total number of Indian companies to more than 83,000, which strengthens the economic and cultural ties between the two friendly countries.
They emphasized that the success of the Comprehensive Economic Partnership Agreement is not limited to statistics only, as the two ministers have led efforts to continuously deepen the strong bilateral economic ties; In March 2022, His Excellency Minister Goyal led a high-level delegation of senior Indian government officials, exporters and industry leaders to the UAE seeking to encourage Emirati companies to undertake greater collaboration under the favorable framework of the then newly concluded Comprehensive Economic Partnership Agreement; Just over a week ago, His Excellency Minister Al-Zeyoudi led a delegation of officials, business leaders and entrepreneurs to India, providing tangible evidence of the much-welcomed cooperation between private sector companies in the two countries.
In this context, the joint article mentioned the opening of the new regional office for the Emirati Ducab Group in Bengaluru, which will enable it to provide better service to the energy and construction sector in India through its market-leading products such as cables and metal products, while the UAE delegation to the Uttar Pradesh Summit for global investors reviewed, UAE private sector investments amounting to $2.5 billion in renewable energy projects, logistics, retail trade and food processing, which are expected to create 20,000 jobs in this state with the highest population density in India.
The article stated that these investments follow many other important partnerships that have been launched since May 2022, such as the 300 MW renewable energy hybrid project in Gujarat and sustainable food parks across India that will use advanced technologies to reduce waste and conserve water, while the year also witnessed Launch of DP World’s Dubai Incubator Center, a technology accelerator platform created in partnership with Invest India and Start-Up Kerala Mission to encourage innovation in India’s logistics sector.
