The landmark UAE-India Complete Financial Partnership Settlement (CEPA) is paying off on each financial entrance, with the advantages of its integration far broader than simply commerce, Dr Thani Al Zeyoudi, the UAE Minister of State for Overseas Commerce, mentioned on Tuesday.
India and the UAE inked CEPA on February 18 final yr to spice up commerce ties following a digital summit between Prime Minister Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.
India has been given sure responsibility concessions on the import of gold from the UAE underneath the CEPA.
The settlement was formally applied on Could 1 final yr.
“Indian enterprise house owners have been spurred to pursue new alternatives within the UAE because the deal was signed, with 11,000 new firms registering with the Dubai Chamber of Commerce in 2022, bringing the full to greater than 83,000,” Al Zeyoudi wrote within the Dubai-based Gulf Information newspaper.
There may be little query that the CEPA will come to be thought to be a big milestone within the historical past of the UAE,” he wrote.
Particularly, it was the nation’s first bilateral deal as a part of its new nationwide technique to reimagine the financial system as an open international hub for commerce, expertise, know-how and focused funding, he wrote within the column.
“The advantages of larger UAE-India integration have been far broader than simply commerce,” he emphasised.
Earlier this week, Al Zeyoudi, held a bilateral assembly with Piyush Goyal, the Commerce and Business Minister in New Delhi, to have a good time the primary yr of CEPA.
“By eradicating or decreasing tariffs on 80 per cent of products, eliminating pointless limitations to commerce and opening authorities procurement to one another’s non-public sector, the UAE-India CEPA carried the potential to greater than double the worth of bilateral commerce to USD 100 billion by 2030,” he defined.
“There are already indicators that the numbers will go larger nonetheless,” he mentioned.
“After we launched the CEPA, we anticipated that the deal would add 1.7 per cent – or USD 8.9 billion — to the UAE’s GDP and enhance exports by 1.5 per cent. We’re heading in the right direction to surpass these numbers,” he wrote.
“Preliminary figures present that, for the primary 12 months of the CEPA, the worth of non-oil commerce reached USD 50.5 billion, a rise of 5.8 per cent on the corresponding interval a yr earlier,” he added.
India and the UAE are methods to extend commerce in value-added gold and gold merchandise, Goyal mentioned on Monday.
The UAE is a serious vacation spot for India’s gems and jewelry.
The UAE accounts for about 15 per cent of India’s exports from this sector.
The general gross exports of gems and jewelry dipped to USD 37.5 billion in 2022-23 in opposition to USD 39.33 billion in 2021-22, based on the information of the gems and jewelry export promotion council.