Feryal Ahmadi, the Chief Operating Officer of the Dubai Multi-Commodities Centre (DMCC). Photo: Dubai Multi-Commodities Centre/dmcc.ae
The United Arab Emirates is looking to expand the scope of trade and providers lined under the Comprehensive Economic Partnership Agreement (CEPA) with India to additional speed up bilateral buying and selling quantity, a senior UAE official stated on May 30.
India and the UAE signed the historic CEPA on February 18, 2022, to additional enhance bilateral trade and financial ties.
Feryal Ahmadi, the Chief Operating Officer of the Dubai Multi-Commodities Centre (DMCC), stated that the UAE is looking at agri-commodity potential and dealing on including different sectors together with important minerals under the CEPA.
The United Arab Emirates is looking to expand the scope of trade and providers lined under the Comprehensive Economic Partnership Agreement (CEPA) with India to additional speed up bilateral buying and selling quantity, she stated.
Emphasising the significance of India as the biggest buying and selling associate for the Emirates, she stated, “We are absolutely looking at agri-commodity potential and working on adding other sectors including critical minerals under CEPA.” Ms. Ahmadi additionally underlined the rising significance of different Free Trade Agreements and trade corridors, together with the potential of the India-Middle East-Europe Economic Corridor.
She sees an increasing number of international locations engaged on bilateral free trade agreements and regionalization of buying and selling amongst international locations.
She offered a DMCC report, “The Future of Trade”, in Singapore right this moment, wherein the UAE-India CEPA trade development was highlighted.
“These have undeniable trade benefits, reducing tariff and trade barriers while increasing inter-regional market access.” As a living proof, international locations within the Gulf Cooperation Council such because the UAE have expanded bilateral ties, significantly with Asian nations —India, Indonesia, Israel, Turkey and Cambodia.
Currently, there are 26 FTAs in progress, in accordance to the report.
Countries just like the UAE and ASEAN member states are poised to profit from their geopolitical neutrality and various trade relationships, stated the report.
“Governments should foster partnerships and trade agreements with these powers to facilitate increased trade flows and investment opportunities,” the report recommended.
“By leveraging their strategic geographic locations and trade-friendly policies, they can serve as key hubs for regional trade and economic integration,” the report acknowledged.
On regionalisation, the report sees new centres of gravity forming in Asia — round ASEAN, China and India — in addition to North America.
“This is bolstered by relatively new multilateral agreements with commitments to reduce tariffs, create a common market and boost regional trade,” stated the report.
