Jaipur becomes major contributor to India-UAE trade expected to see significant growth

“In the two years since the Comprehensive Economic Partnership Agreement was signed, we have seen a 16 percent growth in trade between the two countries. Total trade has increased from Rs 73 billion to Rs 85 billion in the last financial year,” said Ahmed Aljanebi, Director of the UAE-India Office for Cooperation and Coordination (UICC), at the UAE-India CEPA Council Business Roundtable held in Jaipur.

Officials from the UAE and India highlighted significant economic opportunities arising from the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

Emphasizing the importance of Jaipur in facilitating nearly half a billion dollars of trade between the UAE and India, UAE officials met with local businesses in Jaipur to explore partnership opportunities with their UAE counterparts. Expressed his intention to join.

“We have recognized that Jaipur has a significant contribution to the trade between the UAE and India, accounting for almost half a billion dollars in terms of trade. In Jaipur, we are planning to create a group of businesses that we can cater to and understand the needs and see how we can partner with businesses in the UAE” Aljanebi said.

Ras Al-Khaimah, UAE, was also highlighted as an important destination for business leaders from India for its economic investment policies and infrastructure.

“I believe that our economic investment and trade policies, combined with Ras Al-Khaimah's strategic location and the world-class infrastructure we have, will provide immense value to Indian companies looking for their international expansion. The footprint is demanding,” said Texomin Goitia, director of international relations at the Office of the Ruler of Ras al-Khaimah.

“According to Indian business, the need of the hour is how we can take Indian business from local to global. Ras al-Khaimah plays a very important role in this aspect. Indian businesses can take advantage of the many bilateral agreements that the UAE has already signed,” said Mohammed Haseeb, Strategic Country Manager-India at Ras Al-Khaimah Economic Zone (RAKEZ).

The UAE-India CEPA Council (UICC) was launched on the sidelines of the Vibrant Gujarat Summit in January this year. The UAE-India CEPA, which came into force on May 1, 2022, offers several benefits for businesses in both countries. These include greater access to each other's markets, reduction or elimination of tariffs on a significant portion of products, an open and non-discriminatory trading environment, and increased market access for service providers in different sectors.

Additionally, the agreement addresses technical barriers to trade, ensures the use of international standards for technical regulations, and provides assistance for UAE businesses in government procurement tenders.

Additionally, UAE products will be exempted from India's anti-dumping investigations when transshipped, and a joint committee will monitor the implementation and reform of CEPA.

As both countries continue to deepen their partnership, businesses will benefit from the favorable regulatory framework and increased market access facilitated by the agreement.