There has been a 15 per cent growth in trade between UAE and India since the Comprehensive Economic Partnership Agreement (CEPA) was signed between the two countries in February 2022. The agreement came in to effect in May 2022, said Abdullah bin Touq Al Marri, Cabinet Member and UAE Minister of Economy. He was in Chennai on Wednesday to participate in the CII UAE Investopia event organised for the first time in the State.
“There are a lot of similarities between the UAE and Tamil Nadu. Talent is key for both economies to thrive, and is an area to focus on,” he said.
“The year 2022 was a big year for both the UAE and India when Union Minister Piyush and myself signed the Comprehensive Economic Partnership Agreement in February which came in to effect in May. Two years down the line, there was a 15 per cent growth in trade between the two countries,” he added.
Record high trade
The bilateral trade was $50 billion before signing CEPA, and this is currently at around $70 billion. “This is remarkable with both UAE and India, in 2022, showing the world how important it is to come together through a framework, agreement and create record high trade between the two countries,” he added
The CEPA created free trade zones between the two countries with the aim of boosting trade, investment, creating opportunities for businesses in both the countries. Eight per cent of tariffs on Indian and UAE goods have been removed. There is enhanced market access to service and IP, and the agreement has addressed technical barriers for exporters, he said.
Tamil Nadu Industries Minister TRB Rajaa said the State is eager to collaborate with the UAE on sectors like agriculture, food security, and value-added support. “Although we produce a significant amount, our value addition is currently limited. Enhancing this aspect will open up the UAE as a substantial market. Our vision extends beyond the UAE to include the Middle East and the African market as well in the future,” he said.
Rajaa later told newspersons that the UAE minister will meet Chief Minister MK Stalin on Thursday to discuss bilateral relations between Tamil Nadu and UAE.