Dubai Chamber of Commerce, one of the three chambers under Dubai Chambers, recently organized a webinar, which shed light on the landmark UAE – India Comprehensive Economic Partnership Agreement (CEPA), and the various economic benefits that are expected to be created by the free trade deal.
Attended by over 270 participants, the webinar was held in partnership with the UAE Embassy in India, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Dubai Economy and Tourism, and the Indian Business & Professional Council (IBPC).
After coming into effect in May 2022, CEPA is projected to give an added boost to 90% of exports and imports between the two countries, while the trade agreement is also expected to benefit bilateral investment and tourism exchange.
Speaking during the event, Omar Khan, Director of International Offices, Dubai Chamber of Commerce, explained how CEPA is expected to expand UAE-India economic cooperation to new emerging and innovation focused sectors, such as AI, blockchain and fintech.
He noted that the Chamber is examining new business opportunities emerging on the horizon, as CEPA changes the dynamics of UAE-India bilateral trade and builds new bridges between the two business communities.
In a special address to participants, Sunjay Sudhir, Ambassador of India to the UAE, explained, “The thrust of this agreement are comprehensive and strategic outcomes, and CEPA flows from this commitment to boost trade and deepen economic ties. UAE keeps evolving its policies for the interest of the business communities and future of the economy,” said Sudhir.
CEPA is the UAE’s first bilateral trade agreement signed with India and the accord is expected to increase the total value of bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years.