Chennai (Tamil Nadu): The non-oil bilateral trade between India and the UAE has seen a sizable jump to over USD 50 billion ever since the signing of the CEPA agreement and the aim is now to take it close to USD 100 billion by the end of this decade.
Since 2022, when the Comprehensive Economic Partnership Agreement was signed, non-oil bilateral trade has witnessed a 16 per cent increase between the two partner countries, reaching over USD 50 billion, said UAE-India CEPA Council Director Ahmed Aljneibi, speaking to ANI.
"And we aim to make that around USD 100 billion by 2030. The CEPA Council aims to leverage the benefits of the agreement by informing the business community here in India, and specifically today here in Chennai, one of our first roundtables that we had. It's been a fruitful discussion," Aljneibi said in Chennai.
The UAE-India CEPA Council (UICC), in collaboration with the Confederation of Indian Industry (CII), held a business roundtable for Chennai-based exporters aimed at promoting the UAE-India economic partnership.
"We aim to have more roadshows similar to this one that we had in Chennai today. We aim to go around the country, especially within the state of Tamil Nadu. I believe there are different opportunities here. Every city has a specialisation in terms of industry, and we aim to explore that and inform them of the opportunities that they can find," he said.
Speaking about his interaction with business representatives today in Chennai, he said he had an understanding that a lot of people were really keen to expand into the UAE.
"It's just that they need that push of support or that source of support that they can find. And I think, I hope that, you know, the CEPA Council can provide that guidance for them, that support that they need as a platform," he asserted.
The roundtable featured more than 20 participants from various sectors like logistics, automotive, agriculture, and healthcare. The roundtable provided a valuable platform for business-owners to discuss opportunities to benefit from the UAE-India Comprehensive Economic Partnership Agreement (CEPA), and the bilateral strategic partnership more broadly.
CEPA is a full and deep agreement signed on February 18, 2022, during a virtual summit between Prime Minister Narendra Modi and the President of the UAE and Ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan. CEPA entered into force on May 1, 2022.
Some of the key sectors, including labour-intensive sectors, that have witnessed significant export growth on account of the CEPA include: Mineral Fuels; Electrical Machinery (particularly telephone equipment); Gems & Jewellery; Automobiles (Transport vehicles segment); Essential Oils/Perfumes/Cosmetics (Beauty/Skin care products); Other Machinery; Cereals (Rice); Coffee/Tea/Spices; Other Agri Products; and Chemical Products.
