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Jeddah - Yasmine El Tohamy - NEW DELHI: Representatives of the top UAE and Indian business bodies met with exporters in Chennai on Wednesday to boost trade between the Gulf region and India’s south.
Commercial relations between the two countries have reached historic highs since the implementation of the UAE-India Comprehensive Economic Partnership Agreement in May 2022.
The economic partnership under CEPA is expected by both sides to increase the total value of bilateral trade in non-petroleum products to more than $100 billion and trade in services to $15 billion by 2030.
The meeting with exporters based in the capital of the southern state of Tamil Nadu was held by the UAE-India CEPA Council in collaboration with the Confederation of Indian Industry and the UAE Embassy.
“Featuring over 20 participants from diverse sectors such as logistics, automotives, 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, and the bilateral strategic partnership more broadly,” the UAE Embassy said in a statement.
Tamil Nadu, India’s second-largest exporter of software, after Karnataka, is also famous for its automobile and engineering industries. Manufacturing contributes 33 percent and agriculture 13 percent to its state gross domestic product.
“Among the various economic, trade and investment matters discussed at the roundtable, Col. Shubhransh Srivastav, vice president, corporate affairs, DP World, provided participants with an overview of the recently launched Bharat Mart, which is set to boost Indian SME exports to the UAE and the greater MENA region,” the UAE Embassy said.
Bharat Mart, a warehousing facility enabling Indian micro, small and medium enterprises to trade in Dubai, was inaugurated by Prime Minister Narendra Modi during his state visit to the UAE earlier this month, and is expected to become operational by next year.
Ahmed Aljneibi, director of the UAE-India CEPA Council, told the Chennai audience that the CEPA was offering expansion due to preferential market access.
The access provided under the deal by the UAE on more than 97 percent of its tariff lines accounts for 99 percent of Indian exports to the UAE in value terms, mainly from labor-intensive sectors.
“The significant benefits afforded by the CEPA, including preferential market access and the facilitation of MSME expansion, underscore its role in catalyzing cooperation and strengthening cultural, political and economic ties between our nations,” Aljneibi said.
“We look forward to building upon this momentum and continuing to drive impactful initiatives that will further deepen the UAE-India economic partnership.”
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