Mumbai: Marking a milestone in the enduring partnership between the UAE and India, the Embassy of the UAE celebrated the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA) which has achieved strides in fostering economic growth and collaboration, said a statement from the embassy.

The event was attended by various eminent dignitaries in Mumbai.

India-UAE CEPA, Indian exports of gems and jewellery to the UAE increased by 64 per cent, while exports of Indian drugs and pharmaceuticals increased by 39 per cent, and exports of Indian fruits and vegetables to the UAE saw a 35 per cent rise.

According to the UAE embassy, the UAE-India CEPA was implemented on 1 May 2022 and it offers numerous trade benefits, including the elimination and reduction of tariffs, an open trade environment, and enhanced market access for service providers across various sectors. It also addresses technical barriers and provides access to government procurement opportunities,"

While speaking on the occasion, Abdulnasser Alshaali, Ambassador of the UAE to India, said, "The UAE-India CEPA has emerged as a resounding success story, solidifying our nations' long-standing economic ties and ushering in a new era of prosperity. Over the past two years, we have witnessed remarkable growth in bilateral trade, a testament to the immense potential that exists when our complementary strengths are harnessed effectively.

The CEPA has not only opened new avenues for businesses to benefit from the bilateral partnership but has also fostered deeper integration of our economies, paving the way for increased investment flows and collaboration across diverse sectors."

"The CEPA has spurred advancements in trade, with bilateral exchanges increasing from USD 72.9 billion (Apr 21-Mar 2022) to USD 84.5 billion (Apr 22-Mar 2023) registering a year-on-year increase of 16 per cent," the press release stated.

Major Indian export sectors have benefited considerably since the implementation of the CEPA, with the export of Indian gems and jewellery to the UAE expanding by almost 64 per cent in only two years.

While other critical Indian export sectors, such as drugs and pharmaceuticals, and fruit and vegetable products have also experienced considerable growth, increasing by almost 39 per cent and 35 per cent, respectively.

Beyond direct trade, the CEPA has facilitated numerous investment benefits and spurred a sense of deep sense of confidence and ambition within both the UAE and Indian business communities.

The press release mentions the important role of CEPA and said, "CEPA has been pivotal to the development of several economically transformative projects such as Bharat Mart in Dubai, as well as significant investments by major UAE entities into the Indian economy."

The Abu Dhabi Investment Fund's commitment to establishing a USD 5 billion fund in collaboration with Gujarat's GIFT City, Mubadala's acquisition of an eight per cent stake in Manipal Health, and Lulu Group's strong expansion plans within India's retail market firmly highlight the mutually beneficial impacts of the CEPA.

The establishment of the UAE-India CEPA Council earlier this year further underscores the commitment of both nations to fortify their economic partnership.

Supported by the UAE and Indian governments, the CEPA Council serves to enhance investment and trade ties, further cementing the dynamic and resilient economic relationship that has been created by the implementation of the CEPA. Looking ahead, partnerships in critical industries such as start-ups, women entrepreneurs, micro, small, and medium-sized enterprises (MSMEs), and the services sectors will continue to drive the UAE-India growth story.

The UAE-India CEPA's success reflects the robust alliance between the two countries and the power of economic integration. In marking the two-year milestone of the CEPA, the UAE reaffirms its commitment to deepening its partnership with India.

This report is auto-generated from a syndicated feed