On the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the establishment of the UAE chapter of the UAE-India Business Council (UIBC-UC) was announced. This bilateral outfit was launched by Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade in the UAE. The event was attended by other prominent representatives such as India’s Ambassador to the UAE Sunjay Sudhir, Consul General of India in Dubai Aman Puri, and the founding members of the UBIC-UC.
The UAE-India Business Council (UIBC) was founded to promote economic cooperation between the two countries, and it has been highly successful in achieving this goal. With the launch of the UAE chapter, it is expected that the bilateral economic ties between the two countries will strengthen even further. The new chapter will focus on identifying new areas of cooperation, facilitating investment and trade, and promoting the exchange of expertise and knowledge.
“This is a very significant thing,” said Sunjay Sudhir. “We want to bring together their experience of doing business in both countries so as to further lubricate the investment and business corridor between both countries. They will discuss ideas on how to further generate trade and investment opportunities.”
The establishment of the UAE chapter of the UIBC-UC comes at a time when the economic relationship between the two countries is expanding rapidly. The UAE is India’s third-largest trading partner, with bilateral trade between the two countries reaching $60 billion in 2021. The UAE is also a major source of investment for India, with over 2,000 UAE-based companies operating in India.
The CEPA, which was signed in 2022, has played a significant role in strengthening the economic ties between the two countries. The agreement aims to increase bilateral trade and investment by reducing barriers and promoting cooperation in various sectors such as trade in goods and services, investment, intellectual property, and competition policy.
The launch of the UAE chapter of the UIBC-UC is a significant milestone in the history of the economic relationship between India and the UAE. The new chapter is expected to contribute significantly to the economic development of both countries by identifying new areas of cooperation, promoting investment and trade, and facilitating the exchange of knowledge and expertise.
The launch of the UAE chapter of the UAE-India Business Council on the first anniversary of CEPA is a significant milestone in the economic relationship between India and the UAE. The new chapter is expected to further strengthen the bilateral economic ties between the two countries, promote investment and trade, and facilitate the exchange of knowledge and expertise. The establishment of the UAE chapter of the UIBC-UC is a positive development that bodes well for the economic future of both countries.
An India chapter of the business council was established in New Delhi in 2015 by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and the late Sushma Swaraj, who was then Minister of External Affairs of India, during the 11th Session of the India-UAE Joint Commission Meeting.
