The MoU outlines a robust framework for cooperation between the UICC and the ICC, centered on public outreach, heightened awareness initiatives, and mobilization of private sector entities to bolster economic ties between the two nations
In a move aimed at fortifying economic and trade relations between the United Arab Emirates (UAE) and India, the UAE-India CEPA Council (UICC) and the Indian Chamber of Commerce (ICC) have formalized their collaboration through a Memorandum of Understanding (MoU). This strategic alliance seeks to elevate awareness surrounding the UAE-India bilateral economic partnership and the advantageous prospects stemming from the UAE-India Comprehensive Economic Partnership Agreement (CEPA), media reports originating from UAE and India said.
The MoU outlines a robust framework for cooperation between the UICC and the ICC, centered on public outreach, heightened awareness initiatives, and mobilization of private sector entities to bolster economic ties between the two nations. Through dialogue, exchange of information, and joint events, both entities aim to facilitate meaningful interactions among members while amplifying the roles they play within their respective organizational realms.
Abdulnasser Alshaali, the Ambassador of the UAE to India, affirmed his dedication to reinforcing economic bonds by promoting mutual investments, fostering technological collaborations, and nurturing people-to-people exchanges between the two nations.
This collaborative endeavor builds upon the core objectives of the bilateral trade partnership, with a focus on amplifying trade volumes, extending the benefits of favorable trade policies to enterprises, and nurturing avenues for economic expansion between India and the UAE.
Dr. Rajeev Singh, Director General of the Indian Chamber of Commerce, emphasized the partnership’s goal of unlocking new avenues for businesses in both nations to leverage the vast potential of the CEPA, thereby propelling sustainable economic growth.
The collaboration between the UICC and the ICC signifies a significant stride towards fortifying economic ties between the UAE and India. Through concerted efforts, both entities aspire to unlock the full potential of the UAE-India CEPA, driving economic prosperity and growth for businesses in both nations
Established in 2024, the UICC has emerged as a pivotal actor in augmenting economic, investment, and trade ties between the UAE and India. Notably, bilateral trade surged by nearly 16 percent over the fiscal year from April 2022 to March 2023, totaling USD 84.5 billion. Sectors such as gems and jewelry, pharmaceuticals, and fruits and vegetables witnessed remarkable growth, underscoring the CEPA’s tangible impact.
The CEPA has galvanized billions of dollars in investments and instilled business confidence across diverse industries by streamlining market access and diminishing trade barriers. This dynamic exchange of goods and investments has cultivated a multifaceted economic engagement between the UAE and India.
The UICC remains steadfast in its commitment to advancing these objectives through proactive initiatives aimed at fostering deeper business connections and mutual understanding. Through a series of events and initiatives, the council reaffirms its dedication to nurturing and expanding the economic partnership between the UAE and India.
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