UAE's Ministry Of Foreign Trade And Indian Business Council Discuss Private Sector Collaboration

Dr. Thani bin Ahmed Al Zeyoudi, the UAE's Minister of Foreign Trade, recently engaged with the Indian Business Council in the UAE. The focus was on enhancing economic ties and private sector cooperation between the two nations. This meeting is part of ongoing efforts to maximise the benefits of the Comprehensive Economic Partnership Agreement (CEPA) established in 2022.

The CEPA with India, effective from May 2022, marked a significant milestone as it was the first agreement under the UAE’s foreign trade programme. It has been crucial in identifying synergies and opening new avenues for trade and investment across sectors like agriculture, renewable energy, and logistics. This agreement has notably increased private sector collaboration between both countries.

During discussions, Al Zeyoudi emphasised India's role as a key trading partner. He noted that non-oil trade between the UAE and India reached US$65 billion in 2024, showing a strong growth of 19.7% from the previous year. "India is an essential partner in the UAE’s trade landscape," he stated.

The CEPA has already shown significant results by reducing trade barriers and boosting investment flows. This positive impact is evident in the substantial growth of bilateral trade, reinforcing both countries' positions as major global trade partners.

Reflecting on progress since CEPA's inception, Al Zeyoudi mentioned several initiatives highlighting mutual commitment to growth: "Since this year began, our nations launched the India-UAE Start-Up Series to help entrepreneurs access each other’s markets." He also discussed Bharat Mart in the UAE for Indian manufacturers and exporters to reach global markets.

The meeting also covered enhancing cross-border payment processes and integrating payment systems. Additionally, they launched the UAE-India CEPA Council to ensure full utilisation of available opportunities.

Al Zeyoudi remarked on how these initiatives underscore shared goals for mutually beneficial growth and opportunity. The ongoing collaboration aims to deepen ties further through strategic projects that benefit both economies.

The Comprehensive Economic Partnership Agreement continues to play a pivotal role in strengthening economic relations between the UAE and India. By fostering deeper collaboration across various sectors, it solidifies their partnership on a global scale.

With inputs from WAM