News DeskDubai, UAE – The Indian Business and Professional Council (IBPC) Dubai hosted a celebratory event at Taj Dubai, marking the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE). The event, held under the patronage of the Consulate General of India and the UAE India CEPA Council, highlighted the significant progress in bilateral trade and investment since the agreement’s implementation in May 2022.
The Deputy Consul General of India, Shri Yatin Patel, spoke on the occasion, emphasizing the diversification and strengthening of supply chains. “The dynamic trade relationship has contributed to stronger and more diversified supply chains. Trade, which was once concentrated in the energy sector, has now spread across various other sectors, strengthening our supply chains. Additionally, the transfer of technology has been facilitated, thanks to increased business interactions, and we’ve seen advancements in skill development,” Patel stated.
Ahmed Aljeibi, Director of the UAE-India CEPA Council, presented compelling statistics, noting a nearly 15% increase in total trade over the past two years. “The UAE’s exports have risen by over 7%, and Indian exports to the UAE have grown by an impressive 27%. CEPA has proven to be one of the most significant free trade agreements signed by India,” Aljeibi reported. He highlighted the 20% increase in non-oil trade between the UAE and India during the 2023-2024 financial year, demonstrating CEPA’s transformative potential.
IBPC Vice Chairman Sunil Sinha highlighted CEPA’s role as a cornerstone of economic cooperation, impacting over 100 subsectors. “Since its inception, the agreement has catalysed a surge in bilateral trade, solidifying each country’s position as a key trading partner for the other,” Sinha remarked.
Dr. Sahitya Chaturvedi, Secretary General of IBPC Dubai, emphasized the comprehensive nature of the agreement. “The provisions in India-UAE CEPA incorporate economic, financial, and cultural connections between the two nations,” Chaturvedi stated, underscoring the agreement’s far-reaching impact beyond trade statistics.
The event featured a panel discussion moderated by Mr. Sreekumar Brahmanandan, Investment Director at Dubai Investments PJSC. Panellists included Marwan Abdulaziz, Senior Vice President of Dubai Science Park, Dubai Knowledge Park, and Dubai International Academic City; Rishi Chadha, Vice President & Head-MENA of Tata Consumer Products Ltd.; Aditya Singh, Head of Jewellery International Business at Titan; and Dr. Rajesh Agarwal, Executive Director of RMZ Group. The discussion explored sector-specific impacts of CEPA, including technology transfers, skills development, and the creation of new talent demands in emerging sectors.
8Sorry Marwan Abdulaziz highlighted CEPA’s success as a model for international trade partnerships in the evolving global economy. “As both nations continue to reap the benefits of this agreement, it paves the way for deeper economic integration and mutual prosperity,” Abdulaziz noted, aligning with initiatives like “Visit Bharat” to promote India globally.
Industry stalwarts such as NIKAI group Chairman Paras Shadadpuri, Ramesh Mahalingam, Governor IBPC, CA James Mathew, and Ali Asgar Saeed also participated, sharing their views on the positive outcomes of CEPA.
The celebration underscored the double-digit growth in bilateral non-oil trade, with the UAE becoming India’s third-largest partner in bilateral trade, marking a significant milestone in the economic partnership between the two nations.
