PM Modi’s vision fuels UAE-India CEPA success
The first anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and India marked a milestone of increased economic collaboration and prosperity. A celebratory meeting in India’s capital witnessed UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and India’s Minister of Commerce and Industry, Piyush Goyal, reflecting on the CEPA’s remarkable first year.
Since its implementation in May 2022, the agreement has fueled a significant surge in non-oil bilateral trade, with the total value leaping to an impressive $50.5 billion, representing a 5.8 percent increase compared to the previous year. This economic leap forward signals the instrumental role of the CEPA in boosting trade and investments, consolidating the shared commitment to a prosperous partnership.
These gains align with the progressive policies and corruption-free approach championed by India’s Prime Minister Narendra Modi since taking office in 2014. The proactive steps towards economic reform and transparency have propelled India onto the global stage, positioning the nation as a formidable player in the international economic arena. CEPA, a testament to these strides, has fostered greater investment flows, joint ventures, and deeper market penetration.
The inaugural UAE-India Joint Committee convened on the agreement’s first anniversary, tasked with a comprehensive review of the CEPA’s impact. The committee’s discussions further underline the shared commitment towards strengthening the economic bond, building on the trust, transparency, and collaborative spirit fostered over the past year.
The Joint Committee, according to Abdulla Al Shamsi, Assistant Under-Secretary in the Industrial Development Sector at the UAE Ministry of Industry and Advanced Technology, plays a vital role in fostering a sustainable partnership. It’s a testament to the collaborative spirit and adaptability required to navigate an evolving economic climate, ensuring maximum mutual benefit.
Piyush Goyal underscored the CEPA’s significant contribution to the strengthening of economic and trade relations. This landmark agreement has unleashed new opportunities for the private sector, enhancing trade exchanges, and consolidating the economic ties between the two nations.
Following the Joint Committee meeting, Al Zeyoudi and Goyal engaged with business leaders from both countries, offering insights into the private sector’s utilization of the CEPA and highlighting potential growth opportunities.
Dr. Al Zeyoudi lauded the agreement’s pivotal role in the significant strides taken in bilateral relations. He emphasized that the momentum achieved, aided by the CEPA, has set both nations on track to attain their ambitious target of $100 billion by 2030. Beyond bolstering trade, the CEPA has nurtured an environment for shared growth, opening avenues for investment and spurring joint ventures.
CEPA, the first-ever bilateral trade deal for the UAE, has been a cornerstone of its new foreign trade agenda. It has created an environment encouraging mutual investment flows, particularly among small and medium-sized enterprises, further consolidating economic relations. Dr. Al Zeyoudi was accompanied by senior representatives from prominent private sector entities, affirming the commitment to drive forward the shared vision of growth and prosperity.