In order to strengthen bilateral ties, India and the United Arab Emirates( UAE) held a business summit as part of the Vibrant Gujarat Global summit 2024 on 10th January,2024.
UAE’s President His Highness (H.H.) Sheikh Mohamed bin Zayed Al Nahyan was the chief guest at the summit, who further stressed upon growing cooperation and strengthening relations between the two nations.
Piyush Goyal , union minister of commerce and industry, consumer affairs, food and public distribution and textiles(India) and Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, ministry of economy alone with Bhupendra Rajnikant Patel, chief minister of Gujarat delivered keynote addresses at the inaugural session.
Several initiatives and endeavours were rolled out as a component of this summit. A report on the CII India-UAE start-up initiative titled “Unlocking opportunities: India-UAE startup ecosystem convergence” was launched.
Key address from H.E Sultan Ahmed bin Sulayem, CEO, DP World and M.A Yusuff Ali, Chairman Lulu Group International, mentioned their keen interest in increasing investment in the food processing industry in India.
The India-UAE business summit expeditated deliberations for further cooperation in areas ranging from trade, finance, investment and sectoral collaboration. The delegations comprised both from the government and industry as well. Bharat Mat, a proposed warehousing facility by India established in UAE, showcased a presentation to further support Indian exporters.
In February 2022, India became the first country with which the UAE signed a comprehensive economic partnership agreement (CEPA), post the agreement, the bilateral trade has increased by approximately 15% .
The CEPA marked a significant deal aimed at increased collaboration between two countries, fortifying their enduring cultural, political and economic connections. This agreement successfully lowered tariffs on over 80% of product categories, dismantled trade barriers and established fresh avenues for investment and join ventures.
In July 2023, the two nations signed a memorandum of understanding (MOU) for the establishment of a framework to promote the use of local currencies ie, INR-AED for cross-border transactions. In a significant move to develop the local currency settlement system, the two countries settled their bilateral trade to reflect mutual confidence and robustness of their economies.
This year’s summit is another step to strengthen their bilateral economic relations, aiming for shared growth and prosperity.
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