IBPC Dubai Celebrates Two Years Of UAE-India CEPA, Highlight Bilateral Ties

The Indian Business and Professional Council Dubai recently celebrated the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. Held at Taj Dubai, the event was under the patronage of the Consulate General of India and the UAE India CEPA Council. The gathering highlighted significant progress in bilateral trade and investment since May 2022, noting a double-digit growth in non-oil trade.

Ahmed Aljeibi, Director of the UAE-India CEPA Council, shared impressive statistics on the agreement's impact. "Over the past two years, total trade has increased by nearly 15%, with the UAE's exports rising by over 7%, and Indian exports to the UAE growing by an impressive 27%," Aljeibi stated. He emphasized that CEPA is one of India's most significant free trade agreements, showcasing the complementary nature of both economies.

Deputy Consul General of India Shri Yatin Patel remarked on the dynamic trade relationship between India and the UAE. "The dynamic trade relationship has contributed to stronger and more diversified supply chains. Trade, which was once concentrated in the energy sector, has now spread across various other sectors, strengthening our supply chains. Additionally, the transfer of technology has been facilitated, thanks to increased business interactions, and we've seen advancements in skill development. The emergence of new sectors has also led to further trade facilitation and talent growth."

A notable shift post-CEPA is seen in trade diversification. "We are moving away from a heavy reliance on hydrocarbons," Aljeibi explained. "Non-oil trade between the UAE and India registered a 20% increase during the 2023-2024 financial year, highlighting the transformative potential of CEPA."

The event featured a panel discussion on CEPA's benefits for India-UAE trade. Panellists included Marwan Abdulaziz from Dubai Science Park; Rishi Chadha from Tata Consumer Products Ltd.; Aditya Singh from Titan; and Rajesh Agarwal from RMZ Group. Moderated by Sreekumar Brahmanandan from Dubai Investments PJSC, they discussed how CEPA has facilitated technology transfers, enhanced skills development, and created new talent demands in emerging sectors.

The event saw participation from industry stalwarts like NIKAI group Chairman Paras Shadadpuri, Ramesh Mahalingam (Governor IBPC), CA James Mathew, Ali Asgar Saeed among others who shared their insights.

IBPC Vice Chairman Sunil Sinha welcomed guests by highlighting CEPA's role as a cornerstone of economic cooperation between India and UAE. He noted that since its inception, CEPA has catalysed a surge in bilateral trade across numerous sectors and over 100 subsectors.

Dr Sahitya Chaturvedi, Secretary General of IBPC Dubai, emphasized CEPA's broad scope: "The provisions in India-UAE CEPA incorporate economic, financial, and cultural connections between the two nations." His remarks underscored that CEPA's impact extends beyond mere trade statistics.

Marwan Abdulaziz highlighted that India's success with CEPA serves as a model for international trade partnerships amid a rapidly evolving global economy. As both nations benefit from this agreement, it fosters deeper economic integration and mutual prosperity.