New Delhi/Gandhinagar: In a significant development, United Arab Emirates and India officially inaugurated the UAE-India CEPA Council during the Vibrant Gujarat Global Summit in 2024 at Gandhinagar on Thursday.
The council's launch, attended by UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and India’s Trade Minister Piyush Goyal, was the key outcome of the UAE-India Business Summit held under the theme 'Two Nations, One Vision.'
The CEPA was a landmark agreement designed to spark a new era of cooperation between the two nations strengthening the long-standing cultural, political and economic ties. It has helped reduce tariffs on more than 80 per cent of product lines, eliminate barriers to trade and create new pathways for investment and joint ventures.
In the first 12 months of the CEPA, bilateral non-oil trade reached US$50.5 billion, representing a growth of 5.8 per cent compared to the corresponding period a year earlier. The two countries are fast moving towards the target of US$100 billion non-oil trade by 2030.
A Memorandum of Understanding for the establishment of a framework to promote the use of local currencies (INR-AED) for cross-border transactions was signed by Governors of the respective Central Banks of India and the UAE in July 2023. Developing the Local Currency Settlement System between the two countries to settle bilateral trade reflects mutual confidence and underlines the robustness of the economies in both countries.
The UAE-India Business Summit is another step towards accelerating India-UAE bilateral economic relations for mutual growth and prosperity. Further, stressing on the significance of the India-UAE CEPA council, Dr Thani bin Ahmed Al Zeyoudi said, "The launch of the UAE-India CEPA Council underlines the strength of our economic partnership. The Council is a testament to the shared vision of creating a dynamic and resilient economic relationship, driving sustainable growth, and prosperity for both our nations".
Minister Piyush Goyal stressed the collaborative commitment to economic growth, innovation, and mutual prosperity and said, "The launch of the CEPA Council is a significant step in providing a structured framework to businesses keen to explore bilateral trade opportunities, thus strengthening economic cooperation between the UAE and India."
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