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The first meeting of the state delegation, led by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, with the Indian side kicked off yesterday in the Indian capital, New Delhi, which began with extensive interactive sessions with the Indian business community , prominent entrepreneurs and emerging companies, in addition to emphasizing the importance of the UAE-India partnership for local and global prosperity.
The sessions reviewed promising investment opportunities in various strategic sectors in the markets of the two countries within the framework of the Comprehensive Economic Partnership Agreement, in addition to introducing the benefits and services offered by the agreement to companies and the business community and how to optimally make use of it in a way that improves the sustainability of economic jobs between the UAE and India towards the new economy.
Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed Abdul Rahman Al Banna, UAE Ambassador to the Republic of India, Juma Al Kait, Assistant Secretary of State for Foreign Trade at the Ministry of Economy, and Faisal Al Hammadi, Assistant Secretary to Ryada, attended the interactive sessions for the first day. Acting business and small and medium enterprises and a number of Emirati businessmen.
His Excellency Sanjay Sudhir, Ambassador of the Republic of India to the UAE, the businessman Yusuf Ali, Chairman and Managing Director of Lulu International Group, Rajan Navani, President of the Confederation of Indian Industry, and a large number of Indian businessmen and investors in various economic sectors.
His Excellency Abdullah bin Touq Al Marri said that the comprehensive economic partnership agreement between the UAE and India was the culmination of the well-established strategic relations enjoyed by the protection and support of the leaderships of the two friendly countries.
He added that the speedy completion of the agreement and its entry into force reflected the two countries’ desire to improve the partnership to wider horizons for the benefit of their people, which crystallized in 800 pages of detailed information distributed in 18 chapters, 11 appendices and 3 side letters, all of which are available to the public.
He pointed out that the UAE delegation had come to India to explain the dimensions of this important agreement and to introduce the investment and trading opportunities to the Indian and Emirati business community in order to establish the commercial relations between the commercial projects in the two countries to advanced and sustainable levels, as they should work hand in hand to achieve many achievements.
His Excellency explained that the Economic Partnership Agreement is characterized by a high level of flexibility, as we have kept some chapters of the agreement open so that we can add to it in the future if necessary in case of further changes and future developments, such as the case with the digital economy, one of the most prominent areas of the new economy.
He added that there are future aspects and areas such as the digital economy that continue its development process, which has encouraged us to keep it as topics to which can be added in the future, while the fourth chapter of the agreement addresses the issue of small and medium enterprises … while the fifth chapter discusses another important topic, which is state procurement, which allows the private sector to stay connected to state procurement in both states.
He pointed out that the agreement also addresses the issue of intellectual property, which holds a prominent and crucial interest for billionaire companies, small and medium enterprises, start-ups, the information technology sector and innovators.
His Excellency said that what distinguishes the Comprehensive Economic Partnership Agreement is that it stems from the two countries’ desire to open trade channels, to return to the levels of economic activity before the “Covid 19” pandemic, and the stage of economic recovery, as we aim to pave the way for the strengthening of trade movement from India to the UAE and from there to Other countries with which we have similar trade agreements, which add value to the trade movement.
In turn, his Excellency Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi in statements to the Emirates News Agency, WAM, said that the visit of the UAE delegation to India came with the aim of reviewing investment opportunities and improving the benefit of small and medium. -size companies, entrepreneurs and emerging companies in the two countries of the competitive advantages that fall within the economic partnership agreement comprehensive, which opens wide horizons for these companies to launch to the countries of the world.
He added that the Economic Partnership Agreement laid a strong foundation to advance the economic growth process in the two countries to achieve more achievements. He pointed out that the Indian side praised the decision to grant golden accommodation to investors, entrepreneurs and innovators, which has helped many traders and investors to easily work and learn about investment opportunities available in the UAE. .
His Excellency said that small and medium-sized companies form the center of the global economy as the ministry is building a communication bridge for the growth of these companies so that they are not only dependent on regional exports but also expand to Asia. by India, which is helping to expand business in the two friendly countries and open up global markets for these companies.
In turn, his Excellency Dr. Ahmed Abdul Rahman Al Banna said that the comprehensive economic partnership agreement between the UAE and India opens new horizons and opportunities for the two countries and has the potential to push bilateral relations into a golden era.
He added, we have completed the agreement in a record time of 88 days, reflecting the strong desire of both sides to seize opportunities and benefit from the economies of the two countries in many sectors.
His Excellency expressed his hope that the Comprehensive Economic Partnership Agreement would make a difference, provide jobs, increase levels of trade and investment, and strengthen the manufacturing and services sectors in a way that promotes sustainable economic growth.
His Excellency Sanjay Sudhir, in turn, praised the excellent relations between the UAE and India, which flourished and grew, which were strengthened by the reciprocal visits of the leaderships of the two friendly countries, until they reached a deep-rooted strategic partnership. growth.
In statements to the Emirates News Agency, WAM, he added that relations between the two countries were a remarkable development with the signing of many agreements between the two sides, led by the Comprehensive Economic Partnership Agreement. CEPA/ .. Note that the second visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander-in-Chief of the Armed Forces to India in 2017, testifies to the signing of more than 17 agreements between the two countries, which resulted in the Comprehensive Economic Partnership Agreement, which would open new horizons. It is preceded by cooperation, interdependence and joint action, and represents a major qualitative leap in the present and future of these relationships.
The Indian Ambassador stressed that there are more opportunities for cooperation between the UAE and India with the conclusion of the agreement. CEPA It will take effect on 1 May. Our goal is to increase and grow bilateral trade to $ 100 billion over the next five years, and we are confident that it can be achieved before the five-year period expires, thus improving economic integration between the two countries.
In turn, businessman Yusuf Ali said the Economic Partnership Agreement represents a historic and crucial stage in the trade relations between India and the UAE as both countries move forward with the Comprehensive Economic Partnership Agreement.
He added that the UAE and India are each other’s main trading partners, as each enjoys strong trade and investment in various sectors, and with the entry into force of the agreement, many new avenues of cooperation will be opened, benefiting companies in the two countries and abroad, as the UAE is a major gateway to the Middle East and Africa.
“As a UAE – based business group with a significant presence in India, particularly in the retail and food processing sectors, we hope that our imports from India will show new levels of growth,” he said.
In turn, Adeeb Ahmed, Managing Director of Lulu International Exchange, said that the chapters of the Comprehensive Economic Partnership Agreement enhance the prospects for digital trade and trade rules between the UAE and India by providing an open economic environment for service providers to trade. drive. limits in financial and insurance services.
He added that the agreement provides a framework that will help improve consumer confidence in digital commerce and create an empowering environment for the promotion of digital commerce, including e-commerce and the digital transformation of the global economy, which UAE and India will enable the separation of digital commerce in the future to address changes in the digital age.
He pointed out that the terms of the agreement represent an important sign of the proactive vision taken by the two governments to make the most of the digital age by enabling the scope of digital commerce as countries’ sector’s capacity recognized to accelerate economic growth and investment areas. .
He added that with the fintech industry flourishing in both countries, it is essential to make payments for the masses affordable and this requires greater access to critical technologies, new investments and local solutions that can enable real-time money transfer through mobile payment solutions.
He said the agreement provides a supportive environment for investors and existing players in both countries to build interoperable digital solutions while preserving the enormous potential of economists.
It is noteworthy that the state delegation includes representatives of the government and private agencies, including: the Ministry of Economy, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Industry and Advanced Technology, the General Civil Aviation Authority, the Abu Dhabi Department of Economic Affairs Development, the Abu Dhabi Chamber of Commerce and Industry, the Dubai Department of Economics and Tourism, the Dubai Multi Commodities Center and the Sharjah Investment and Development Authority. Shurooq, an office investing in Sharjah, the Sharjah Chamber of Commerce and Industry, and the Jebel Ali Free Zone (Jafza).
The state delegation also includes representatives from the Ras Al Khaimah Economic Zones Authority, the Department of Economic Development in Fujairah, the Ajman Chamber of Commerce and Industry, the Fujairah Chamber of Commerce and Industry, the Fujairah Free Zone Authority, the Emirates Council for Investors Abroad, Abu Dhabi Ports Group, Abu Dhabi Global Market, Masdar, DP World, Wizz Air Abu Dhabi, flydubai and Agthia, Lulu International Group, Sharaf Group, Kanoo Group, Salal Company, Julphar Company “Gulf Pharmaceutical Industries” and others .
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