22022022 Hyderabad, FTCCI: Press Release:
India expected to achieve its export target of $400 billion by end of March 2022 said Dr. Srikar K. Reddy, IFS., Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, GOI
Hyderabad February 23, 2022: The Federation of Telangana Chambers of Commerce and Industry – FTCCI organized interactive meeting on India and the United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA): Opportunities and Way Forward.
Chief Guest Dr. Srikar K. Reddy, IFS., Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Govt. of India. Guest of honor Mr. G. Seetharam Reddy, ITS., Additional Director General of Foreign Trade, Ministry of Commerce & Industry, Govt. of India. Mr. D. Krishna Bhaskar, IAS., Director of Industries, Govt. of Telangana. in the presence of Mr. K Bhasker Reddy, President, Mr. Anil Agarwal, Senior Vice President, Mr. Meela Jayadev, Vice President, Ms. Khyati Naravane, CEO, FTCCI.
Dr. Srikar K. Reddy, IFS., Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, GOI said For India, UAE is the 3rd largest trading partner – Bilateral trade of US$ 59 billion in FY2019-20 and 2nd largest export destination – Exports of US$ 29 billion for FY2019-20.
UAE is the 9th largest investor in India with an FDI of US $ 11.38 billion for the period April 2000-June 2021. UAE also pledged to invest around US$ 75 billion in India in various sectors.
India-UAE CEPA is a full and deep agreement covering all aspects of bilateral economic cooperation. Negotiations were held in physical and virtual mode and concluded in record time of around 3 months (88 days).
During 2019-20, India exported US$ 2,932.34 million to UAE and imported US$ 6,086.40 million services from UAE. UAE is the 9th and 4th largest export and import market for India respectively in trade in Services.
Out of which, Gold exports are valued at US$ 3,008.76 million while other direct exports are US$3,518.96 million.
A full and deep Agreement covering all areas of economic cooperation including: Trade in Goods, Trade in Services, Rules of Origin and Customs Procedures, Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) measures, Government Procurement, Intellectual Property Rights (IPR), Digital Trade, Investment facilitation, Dispute Settlement and Cooperation in other Areas.
Mr. K Bhasker Reddy, President, FTCCI said this is a landmark trade pact that will propel the two friendly nations forward towards a magnificent, shared destiny.
The United Arab Emirates (UAE) is India’s third-largest trading partner and second-largest export destination. We are confident that CEPA will open up many new avenues of collaborations and will benefit businesses from both countries and beyond as UAE is a key gateway to Middle East and Africa.
Several members of FTCCI from the sectors, such as gems and jewelry, leather, plastic products, agriculture products, medical devices, pharmaceutical products, and automobiles are actively engaged and doing business with UAE.
FTCCI organized Business Delegation to various countries more particularly with UAE, for exploring business opportunities thereby enhancing trade and economic activity.
I would also like to mention that FTCCI started conducting series of skill development programs to strategize and identify the major challenges in the road map and identify key gaps in skill development, so that the level playing field may be created and manufacturing in India can be both cost and quality competitive.
The signing of CEPA is an encouraging sign for businesses in both India and the UAE to see further strengthening of already strong trade relations between the two countries. Both countries have relaxed regulations and laws to invite more foreign investment into their nation.
Both Indian and UAE investors have to take advantage of these initiatives and cross-border investments between the two countries. Now, with the signing of the CEPA, we should expect exponential growth in trade between the two countries.
A personal note from WAY2WORLD: Please like our pages: on Facebook & LinkedIn. #Way2World brings #StartUpNews from #StartUpResources about #StartUpFounders, #Co-Founders, #WomenEntrepreneurs, #WomenLeaders, #StartUpMentors, #StartUpInnovation #StartUpIncubators, #StartUpAccelerators and #StartUpListing. The #StartUpArticles, #StartUpReviews and #StartUpStories discuss about #StartUpFunding, #IndianStart-Ups their #BusinessServices along with #StartUpName and #technologyimpactness. (This story is published from an agency feed without modifications to the text) With Inputs from internet – RajKishan