Trade deal to increase UAE imports from India by $14.3 billion by 2030
United Arab Emirates
Food & Beverages
The UAE and India are exploring mutual business opportunities to further build on bilateral economic and trade relations. India is one of Abu Dhabi’s and the UAE’s top trade partners, said Mohamed Ali Al Shorafa, the chairman of Abu Dhabi Department of Economic Development (ADDED), in conversation with the Emirates News Agency (Wam). The Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries covers 11 service sectors and over 110 sub-sectors. It is expected to boost trade benefits further, increasing the UAE imports from India by $14.3 billion (AED52.5 billion) by 2030. The CEPA deal signed recently between the two nations will guide the next phase of growth and development for both countries’ economies. “India based businesses and regional markets will benefit from the resulting ripple effect, affirming the UAE’s leading reputation as a gateway to the Middle East and Africa,” Al Shorafa added. “In Abu Dhabi, we have nurtured a supportive business environment, advanced infrastructure, connectivity, and an entrepreneurial mindset to support investors growth and development plans.”
It has launched various initiatives to facilitate trade and ensure ease of doing business by reducing costs and requirements, simplifying procedures, and enabling seamless integration of government services. Abu Dhabi also provide smart assistance to start-ups and entrepreneurs, as well as funding to strategic partners to support and upscale operations. One example is the Abu Dhabi Investment Office’s Innovation Programme which provides incentives to innovative businesses within high-growth areas. These include financial services, health services & biopharma tourism. “We look forward to carrying forward the economic success stories between our two nations,” he added.