India-UAE CEPA Council launched at Vibrant Gujarat Summit

The UAE-India Business Summit with the theme "Two Nations, One Vision" marked a significant moment in their economic partnership

January 11, 2024

This new initiative aims to foster closer partnerships and tangible cooperation across all levels of both nations' business communities

The UAE-India CEPA Council (UICC) will prioritise collaboration in crucial sectors like startups, women entrepreneurship, micro, small, and medium-sized enterprises (MSMEs), and the services sector

The UICC will provide a vital framework for businesses to leverage bilateral trade opportunities, further strengthening economic ties between UAE and India

The Vibrant Gujarat Global Summit is of particular significance as the UAE is participating as a partner country

In a landmark move, India and the United Arab Emirates (UAE) announced the formation of the UAE-India CEPA Council (UICC) at the Vibrant Gujarat Global Summit. This new initiative aims to foster closer partnerships and tangible cooperation across all levels of both nations’ business communities.

The launch ceremony was attended by dignitaries from both countries, including Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Piyush Goyal, India’s Union Minister of Commerce and Trade.

The UICC will prioritise collaboration in crucial sectors like startups, women entrepreneurship, micro, small, and MSMEs, and the services sector. This marks a significant step forward in the India-UAE economic partnership, building upon the existing Comprehensive Economic Partnership Agreement (CEPA) signed in 2023.

Union Minister Goyal stated that the UAE-India Business Summit, held under the theme ‘Two Nations, One Vision,’ signified the shared vision for economic growth, innovation, and mutual prosperity. The UICC will provide a vital framework for businesses to leverage bilateral trade opportunities, further strengthening economic ties between UAE and India.

Beyond the council’s formation, the summit offered participants a platform for deeper engagement through focused sessions on trade finance, investment facilitation, and the gems and jewellery trade.

The Vibrant Gujarat Global Summit is of particular significance with the UAE participating as a partner country. Prime Minister Narendra Modi inaugurated the event, highlighting its role in fostering international collaboration. Since its inception in 2003, the summit has become India’s premier platform for business networking and knowledge sharing.

Further cementing the UAE’s commitment to strengthening bilateral ties, President Sheikh Mohamed bin Zayed Al Nahyan attended the summit as the chief guest. A robust delegation of over 250 Emirati representatives spanning diverse sectors showcased the UAE’s dedication to collaborative economic growth.

Source: Economic Times

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