Dubai Chamber of Commerce, one of Dubai Chambers’ three chambers, recently hosted a webinar to discuss the landmark UAE-India Comprehensive Economic Partnership Agreement (CEPA) and the various economic benefits that the free trade agreement is expected to generate.
The webinar, which drew over 270 people, was organized in collaboration 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).
CEPA is expected to boost 90% of exports and imports between the two countries after it goes into effect in May 2022, and it is also expected to benefit bilateral investment and tourism exchange.
During the event, Omar Khan, Director of International Offices at the Dubai Chamber of Commerce, explained how CEPA will expand UAE-India economic cooperation to new emerging and innovation-focused sectors like AI, blockchain, and fintech.
He stated that the Chamber is looking into new business opportunities 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, stressed the importance of leveraging CEPA to create far-reaching mutual economic benefits, adding that the agreement comes after nearly a decade of increased efforts by the Indian and UAE governments to strengthen and expand economic cooperation.
“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.
“The UAE is the third largest trading partner for India and synergizes the scope of business opportunities for stakeholders,” he said. “The trade pact will aid in taking forward the two-way trade to $100 billion in five years from the existing $60 billion. This is a joint effort to combine the vision of both nations,” said Deepak Sood, Secretary General, Associated Chambers of Commerce and Industry of India.
Following the presentations, a panel discussion with UAE and Indian government officials shared their perspectives and expectations for the impact of CEPA on agreements on trade in goods, services, and investments.