UAE-India CEPA council to foster collaboration with Bihar business community

Business Saturday 25/May/2024 08:48 AM
UAE-India CEPA council to foster collaboration with Bihar business community

New Delhi/Patna: In collaboration with the Bihar Industries Association (BIA), the UAE-India CEPA Council held a business roundtable on Wednesday, where the discussions were held on opportunities for Bihar-based enterprises, especially in the agriculture and food processing sectors, leveraging the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

The event was moderated by Krishna Prakashsingh Keshri, President of the BIA and Director of Amrapali Foods, whereas, Ahmed Aljneibi, Director of the UICC, participated at the event was a keynote speaker, providing participants with an overview of the vast export opportunities available to businesses in Bihar, the UAE-India CEPA council said in an official release.

The collaboration will not only leverage the benefits of CEPA but also throw light on UAE's position as a "global trading hub" for key agricultural commodities.

At the roundtable, Aljneibi highlighted the rapid growth in agricultural exports from India to the UAE over recent years.

In 2021-22, India's total export of agricultural and allied commodities to the UAE was USD 2.62 billion, an increase of 35 per cent over the previous fiscal year.

"Sustainable agriculture and food security are priorities under the UAE-India CEPA, driving initiatives for agricultural innovation and cooperation. The increase in both agricultural exports and investments have been critical to the UAE's emergence as India's second-largest export destination, third-largest trading partner, and fourth-largest investor," he said, according to the release.

Following his remarks, Aljneibi led a discussion on a report recently commissioned by the UICC, entitled "The UAE and Opportunities for Bihar's Agriculture Sector", where he highlighted the potential for agricultural exports from Bihar to the UAE and assessed the current market demand, and the legal requirements to help create new export opportunities.

The event concluded with an open discussion on the opportunities to increase engagement between the UAE, and businesses and exporters from Bihar, and on key measures undertaken to ease regulatory obstacles for importers and exporters.

"In this regard, the combined efforts undertaken by the UAE and Indian governments under the CEPA to facilitate trade, boost innovation and investment, simplify regulations and policies, and eliminate or reduce tariffs were discussed," the release stated.

"It was highlighted that these measures have been critical to supporting the bilateral partnership, with total trade between the UAE and India reaching unprecedented heights, totalling approximately USD 85 billion in 2022-23," it added.

The CEPA stands as a cornerstone of the enduring and mutually beneficial relationship between the UAE and India.

The UICC is dedicated to fostering open dialogue, facilitating tangible cooperation, and accelerating trade ties between UAE and Indian businesses to cultivate mutual growth and prosperity.