UAE-India Cepa Council and Indian Chamber of Commerce ink key MoU to bolster trade links

The UAE-India Cepa Council (UICC) and the Indian Chamber of Commerce (ICC) signed a memorandum of understanding (MoU) on Thursday, commencing a strategic partnership to further improve bilateral economic and trade relations.

Both entities are ready to synergise efforts, resources and ideas, and collaborate on increasing awareness of the significant potential of the UAE-India bilateral economic partnership, according to a report on Khaleej Times.

The inked MoU establishes a broad-based partnership, focused on the public promotion of the UAE-India economic partnership and the UAE-India Comprehensive Economic Partnership Agreement (Cepa) in particular, as per media reports.

This collaboration presents a valuable opportunity

The latest pact is expected to facilitate dialogue and information sharing, member interactions, hosting of joint events, development of avenues for member awareness, promotion of organisation roles and expanded cooperation.

“This collaboration presents a valuable opportunity to further fortify the economic ties … We are committed to fostering an environment conducive to mutual investments, technological collaborations and people-to-people exchanges,” said the UAE ambassador to India.

Expressing delight over the inking of MoU with the UICC, Dr Rajeev Singh, director general of ICC, said: “By combining our complementary strengths, we aim to unlock new avenues for businesses in both nations to capitalise on the immense potential of the Cepa.”

Also Read | Emirates Wins Big at Top Travel Awards

UAE-India Cepa improving economic interactions

Established in early 2024, the UICC is dedicated to promoting bilateral economic cooperation and trade relations. It has been playing a pivotal role in significantly enhancing the economic, investment and trade ties between both nations.

The council has been helping effectively harness the opportunities created by the UAE-India Cepa to improve bilateral economic interactions. Over the fiscal year from April 2022 to March 2023, trade surged almost 16% from $72.9 billion to $84.5 billion.

The Cepa entered into force on May 1, 2022, helping businesses take advantage of several benefits, including

1. Removal of unnecessary technical barriers for UAE and Indian exporters

2. Use of international standards as a basis for technical regulations

3. Greater access for UAE exports entering the Indian market through the reduction or removal of tariffs on over 80% of products

4. Open and non-discriminatory environment for cross-border trade

5. Enhanced market access for service providers

6. Joint committee to assess, revise and propose amendments to the Cepa