(From left) TRB Raja, Minister of Industries, Tamil Nadu; Abdullah bin Tuk Al Marri, Minister of Cabinet Affairs and UAE Minister of Economy; Alia Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurs and SMEs; R Dinesh, Chairman, CII International Council; R Nandini, Chairman, CII (Southern Region) at the inaugural session of Investopia, Chennai | Photo by Bijoy Ghosh
Trade between the UAE and India has grown by 15 per cent since the Comprehensive Economic Partnership Agreement (CEPA) was signed between the two countries in February 2022. The agreement will come into effect in May 2022, said Abdullah bin Tuk Al Marri, UAE Cabinet Minister and Minister of Economy, who was in Chennai on Wednesday to participate in the first-ever CII UAE Investopia event in the state.
“The UAE and Tamil Nadu have many similarities. Human resource is key to the economic development of both countries and is an area of focus,” he said.
“2022 was a significant year for both the UAE and India. In February, Union Minister Piyush and I signed the Comprehensive Economic Partnership Agreement, which came into effect in May. Two years later, trade between the two countries has increased by 15 per cent,” he added.
Trade volume reaches record high
Before signing CEPA, bilateral trade stood at $50 billion and now it stands at around $70 billion. This is remarkable and shows the world how important it is for both the UAE and India to work together through frameworks and agreements in 2022 to take bilateral trade to an all-time high.
CEPA aims to create a free trade area between the two countries, promote trade and investment and create business opportunities for both countries. Eight percent customs duty on Indian and UAE products has been removed. Market access for services and intellectual property has been enhanced and the agreement has addressed technical barriers for exporters, he said.
Tamil Nadu Industries Minister TRB Raja said the state is keen to collaborate with the UAE in areas such as agriculture, food security and value addition support. “Though we produce in significant quantities, value addition is limited so far. Strengthening this aspect will open up the UAE as a big market. Our vision goes beyond the UAE to include Middle East and African markets in future,” he said.
Raja later told reporters that the UAE Minister will meet Chief Minister Stalin on Thursday to discuss bilateral relations between Tamil Nadu and the UAE.
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Released on July 24, 2024