UAE-India Business Forum In Mumbai To Enhance Bilateral Trade Relations

The India-UAE Business Forum is set to commence tomorrow in Mumbai, focusing on trade, investment, and partnership opportunities. This event is organised by the UAE’s Ministry of Economy, the UAE Embassy in New Delhi, and India’s Ministry of Commerce and Industry. It aims to leverage the Comprehensive Economic Partnership Agreement (CEPA) established in May 2022.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated, "The India-UAE Business Forum is another important opportunity to bring our business leaders together to discuss areas of mutual benefit and develop the networks that will support our respective economic growth and diversification objectives."

The forum's theme, "Beyond CEPA: Innovation and Future-Ready Economies," highlights sectors like healthcare, biotechnology, renewable energy, sustainability, AI, logistics, supply chains, and agricultural technology. These areas offer significant potential for collaboration between the two nations.

One panel titled "Healthcare and Biotechnology: Pioneering the Future of Medicine" will explore partnerships in biotechnology, genomic medicine, AI-driven healthcare, digital health, and pharmaceutical research. This session aims to harness CEPA's benefits for advancing medical innovations.

Another session will delve into AI and emerging technologies. It will examine how these tools can be developed further and identify sectors that could benefit from their application. This discussion is crucial for both countries as they seek to enhance their technological capabilities.

The forum also includes a session named "Renewable Energy and Sustainability: Pioneering the Green Revolution." This segment will showcase the UAE’s efforts in delivering wind, solar, and geothermal solutions globally. It underscores the importance of sustainable energy practices in today's world.

Additional sessions will address opportunities in logistics and agricultural technology. Discussions will cover sustainable farming practices that can benefit both nations. These topics are vital for ensuring food security and efficient supply chain management.

The UAE-India Comprehensive Economic Partnership Agreement was a significant step in strengthening bilateral ties. Implemented in May 2022, it has reduced or removed tariffs on over 80 percent of products. This agreement has also eliminated unnecessary trade barriers and harmonised customs regulations.

The forum builds on a consistent rise in bilateral non-oil trade between the two countries. In the first half of 2024 alone, trade reached US$28.2 billion—a 9.8 percent increase compared to the same period in 2023. This growth comes despite a global decline in trade during H1 2024.

Dr. Thani bin Ahmed Al Zeyoudi highlighted this achievement by saying that these figures demonstrate the benefits of CEPA. He noted that it has driven industrial output, employment, and global competitiveness while providing a platform for future collaboration.

The panels at this forum reflect diverse opportunities available to the private sector. They aim to foster discussions that can lead to meaningful partnerships between businesses from both countries.

This event marks another milestone in UAE's foreign trade agenda aimed at strengthening ties with strategically important nations worldwide. The collaborative efforts showcased at this forum are expected to yield long-term benefits for both economies.

With inputs from WAM