The UAE will mark the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA) with India at a special event during the Annual Investment Meeting (AIM) in Abu Dhabi….reports Asian Lite News
The UAE is targeting to sign Comprehensive Economic Partnership Agreements (CEPAs) with a total of 22 countries and five economic blocs, which will cover a total of 103 countries and represent up to 95 percent of total global trade, the Ministry of Economy has announced.
The Ministry has launched a new survey targeting the UAE’s business owners, industrialists and entrepreneurs in order to gain their insights and inputs ahead of negotiations for upcoming CEPAs.
The survey will help shape the parameters of discussions with Chile, Vietnam, Ukraine, Kenya, Pakistan and Thailand, and is open to all interested parties to ensure maximum benefit from the latest roster of deals.
The survey has a total of six sections, covering areas such as current market access in the targeted countries; trade and investment potential; barriers to trade and the role of government in facilitating exports and investments.
The responses will be used by the Ministry to ensure the optimum deal for UAE businesses, whether through smoother, more seamless market access for exports, or by creating the right climate for UAE investors in the partner countries.
Juma Alkait, Assistant Undersecretary for International Trade Affairs Sector, said the private sector is an essential partner in the UAE’s efforts to promote foreign trade and economic growth. “We recognise that businesses face unique challenges and opportunities in different markets, and we need to ensure that our trade agreements reflect those realities to ensure maximum returns to the private sector.
“The survey is an opportunity for businesses to share their experiences, concerns, and priorities directly with us, to not only shape ongoing negotiations but to also inform adjustments on deals already in play,” he added.
The UAE signed its first CEPA with India on February 18, 2022, which entered into force on May 1, 2022. It has since concluded agreements with Indonesia, Israel and Turkey. Today the UAE is targeting a total of 22 countries and five economic blocs, which will cover a total of 103 countries and represent up to 95 percent of total global trade.
The survey is posted on the Ministry of Economy’s website (https://www.moec.gov.ae/web/guest/cepa) and is open until June 15th 2023.
UAE-India one year celebration
The Ministry of Economy will mark the first anniversary of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) at a special event during the Annual Investment Meeting (AIM) at the Abu Dhabi National Exhibition Center on 8th May.
Called CEPA Beyond Trade, the event will showcase the positive impact of the agreement on commercial and cultural exchange between the two long-standing allies in the last 12 months.
The CEPA Beyond Trade program will feature a series of panel discussions with industry leaders from both the UAE and India, who will reflect on the main success stories of the partnership to date and also explore how the two sides are collaborating in areas such as food, fashion and the arts. The event will also include a street food festival, fashion display and live entertainment.
The UAE-India CEPA, which came into effect on 1st May, 2022, was the UAE’s first ever bilateral trade deal and a cornerstone of the country’s new foreign trade agenda, which sought deeper ties with strategic allies around the world to both accelerate economic recovery and secure vital supply chains.
he deal removed or reduced tariffs on more than 80 percent of product lines, eliminated unnecessary barriers to trade, promoted investment flows into priority sectors, and offered a platform for SME cooperation and expansion. In 2022, UAE-India bilateral trade reached US$49 billion, a growth of 10 percent on the previous year.
Dr Thani Al Zeyoudi believes that the UAE-India CEPA will be regarded as not only a turning point in bilateral relations but a model for international collaboration in the post-Covid period. “The UAE-India CEPA is a milestone for both nations, establishing a hugely important platform for long-term, sustainable growth by increasing market access for our respective exporters, industrialists and investors.”
“Most importantly, though, the deal has consolidated a friendship of inestimable value to the UAE and opened up new pathways for economic and cultural collaboration. The UAE-India CEPA is an exciting alliance for growth – one that will bind our nations ever closer together and generate limitless opportunities for our people.”
The CEPA Beyond Trade event is being supported by Abu Dhabi National Oil Company (ADNOC), who has partnered with the Ministry of the Economy to become a key sponsor of the program – which reflects the multilevel relationships that the UAE-India CEPA is helping to catalyze, not just in trade but in strategic investments. Also supporting the event are AIM, the Lulu Group, The Indian People’s Forum (IPF) and Texmas.
CEPA Beyond Trade will take place at the Annual Investment Meeting on May 8 from 2pm. To register for the event, please visit www.aimcongress.com/registration.
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