By : PARTHA ROY
A Memorandum of Understanding (MoU) was signed between UAE-India CEPA Council (UICC) and Indian Chamber of Commerce (ICC), to boost economic and trade cooperation between UAE and India
on 9th May 2024 in Kolkata .
The MOU is focused on spreading awareness on various facets of CEPA and emerging trade and economic cooperation scope and opportunities for investors and industrialists , companies in private sector in both nations as well as wider business communities in India and in UAE.
UICC and ICC will also engage in information sharing, explore hosting of joint events and facilitate member interactions, promote organisational roles, and seek opportunities to expand tangible cooperation between the organisation’s respective leadership.
Ambassador of the UAE to India, Dr. Abdulnasser Alshaali, emphasized UICC & ICC collaboration will further strengthen economic ties between UAE and India. He also mentioned both UAE and India are committed to create environment conducive to investments , technological collaborations, and people-to-people exchanges.
Director General of ICC Dr. Rajeev Singh mentioned MOU provide opportunities to create synergy of wide range of resources available to both the organisations to spread awareness on detailed fine-prints of CEPA for sustainable economic and trade development for long term.
UICC established in early 2024 and is dedicated to promoting economic cooperation and trade relations mostly in private sector between the UAE and India.
CEPA has facilitated easier market access ,reduced trade barriers , promoted dynamic exchange of goods and investments, leading to diversified economic cooperation between UAE and India.
In fiscal year , April 2022 to March 2023, bilateral trade between UAE & India grown
from USD 72.9 billion to USD 84.5 billion, marking a growth rate of almost 16%. In specific sectors such as gems and jewellery, pharmaceuticals, and fruits and vegetables, saw rises of 64%, 39%, and 35% respectively.
UICC and ICC strategic partnerships will script new and enhanced economic and trade cooperation between UAE & India .
