Abdulla bin Touq, the UAE’s Minister of Economy, has said the Emirates and India present a comprehensive economic partnership model for the world, as they continue to build on their strategic relations.
Mr bin Touq made his remarks during a session on “minilateralism” and the future of global trade at the annual Confederation of Indian Industry conference held in New Delhi on May 24 and May 25. The session was attended by representatives of various UAE and Indian companies, global investors and businessmen.
“The UAE-India partnership is a driver for economic growth that creates trade and investment opportunities for over 3.8 billion people,” Mr bin Touq said.
“Our solid economic partnership contributes to the vitality of trade and investment flows in South Asia and through it towards regional and global markets.”
The UAE signed its first comprehensive economic partnership agreement with India in February last year and it took effect the following May. The benefits of the Cepa include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules, and rule-based competition.
In the first 11 months of the agreement – between May 1, 2022 and March 31, 2023 – bilateral non-oil trade reached $45.5 billion. Non-oil trade between the UAE and India is expected to exceed $50 billion this year, aiming to achieve their goal of reaching $100 billion by 2030 after signing a major economic pact.
Mr bin Touq said the UAE is keen to support the Indian government’s vision to raise the gross domestic product to $5 trillion by 2025, as well as its future expansion plans in the multilateral trading system.
“The two countries are accelerating efforts, hand in hand, to develop our economies and adopt plans, strategies and initiatives that support our visions for expansion and investment in the new economy sectors,” he added.
CII is a non-governmental organisation with about 9,000 members employed in the government and private sectors.
UAE’s Investopia, the global investment platform, also signed an initial agreement with the CII to enable the exchange of knowledge and dialogue between business delegations.
The two entities agreed to organise joint events and conferences to enhance communication at the private sector level, thereby strengthening economic and investment ties between the two countries.
Investopia is one of the events included in the Projects of the 50 developmental and economic initiative announced by the UAE government in 2021, aimed at accelerating the nation’s growth over the next five decades.
The summit’s inaugural event took place in March last year along with the World Government Summit in Dubai.