The Dubai Customs Consultative Council met amid an upbeat state with the growth insights various economic sectors have recently witnessed in the UAE.
Dubai Customs' leadership board; Including Mr. Ahmed Mahboob Musabih, Director-General of Dubai Customs and the CEO of Ports; As well as representatives of business and trade group members of the Council. All attended the online meeting that highlighted many themes. Such as the potential for trade rebound and the numerous economic advantages that the unique UAE-India Comprehensive Economic Partnership Agreement will deliver (CEPA).
This is projected to help grow trade and commercial operations between the two countries by 120 percent up from US$45 billion presently to US$100 billion in five years.
Mr. Musabih asserted that the Comprehensive Economic Partnership Agreement between the UAE and India ushers in a new phase of economic partnership characterized by mutual interests between the two countries, represents their deep historical ties, enhances reciprocal access to markets, and strengthens economic, trade, and investment opportunities.
Musabih also emphasized that the indications for 2022 are encouraging in all economic sectors, stating that the UAE played a critical role in managing the covid-19 outbreak and its impacts via the continual creation of strategies and new initiatives capable of absorbing the crisis's ramifications.
Remarkably, The UAE's overseas commerce reached almost AED1.9 trillion in 2021, up 27 percent from 2020 and 11 percent from 2019. The UAE has efficiently succeeded in confronting obstacles and transforming them into actual opportunities to promote economic development, as the World Bank research indicated that the UAE's economic recovery would continue through 2022, with growth reaching 4.7 percent, led by the oil and non-oil markets.
Musabih noted that this expansion embraced all aspects of commerce, including export, import, and re-export, and that the commercial sectors are likely to expand more this year.
Furthermore, the UAE approved the federal budget for the years 2022-2026 in October 2021, totaling AED 290 billion, making it the highest federal budget in UAE history. The budget reflects the country's dedication to national growth and ensuring a good living for its citizens.
The CEPA deal considerably reduces tariffs and facilitates trade between the two nations, thanks to the recent innovative initiatives such as the Authorised Economic Operator and the cross-border e-commerce platform, as well as the Logistics Passport project.
While Mr. Suresh Kumar, Chairman of the Indian Business Professional Council (IBPC), emphasized the CEPA's position in the next phase of increasing economic exchange, as it covers key strategic aspects and is seen as proof of the depth of connections between the two states.
It is worth noting that this is the first deal of its sort signed by India with a country in the Middle East and Gulf area. The UAE's investments in India total US$67 billion, while India's investments in the UAE are US$18 billion which is a positive indicator of cooperation.
Kumar stated that the deal will help corporations and trade organizations get better market access while boosting Indian exports, particularly oil, precious metals, chemicals, and agricultural cargoes.
Ruhan Siroya of the Dubai Gold and Jewellery Group presented a report on lab-grown diamonds and the opportunities present in that industry. In addition, another briefing from the “Steel Manufacturers Group” focused on the attractive prospects for steel manufacturers in Dubai.
Source: https://www.wam.ae/