UAE-India CEPA Council

June 27, 2024

The UAE-India Comprehensive Economic Partnership Agreement (CEPA) has made business between the UAE and India much stronger since it was first signed. The recent business roundtable organized by the UAE-India CECA Council (UICC) and the Indian Chamber of Instruction (ICC) to bring Odisha-based companies in India together was a great example of how it has engaged people. The UAE Ambassador to India, H.E. Abdulnasser Alshaali Ph.D., is in charge of this event, which highlights the strategic economic relationships being built under the CEPA framework.

Odisha’s Role in the UAE-India Partnership

Odisha is very important to this relationship between India and UAE because it has a lot of resources and is very good at making steel, stainless steel, ferroalloys, alumina, and aluminum. The state’s nickel, bauxite, iron ore, and coal reserves make it even more important to the economy. Odisha’s trade with the UAE hit USD 2.63 billion in the fiscal year 2023–2024. This made it the eighth-largest trading partner of the UAE with an Indian state or territory. These numbers show how bad Odisha’s economy is and how its trade relationship with the UAE is changing because of deals like the CEPA.

Strategic Agreements and Investments

The signing of several memorandums of understanding worth USD 2.76 billion between the Government of Odisha and different UAE companies in June 2022 was a major turning point. One of the most important was the Lulu Group’s promise to look into big investments in hypermarkets, shopping malls, and hubs for agriculture and seafood production in the state. As part of larger attempts to use the CEPA’s full potential, these changes are taking place. For example, trade in jewels and jewelry, drugs and pharmaceuticals, and fruits and vegetables grew a lot in 2023 and 2024.

The Role of the UAE-India CEPA Council

Establishment and Role: The UAE-India Business Council (UICC), which was established in early 2024, has been very important in advancing the goals of the Comprehensive Economic Partnership Agreement (CEPA), attracting multibillion-dollar investments, and boosting business trust in a wide range of sectors.

Objectives and Focus: The council’s goals aren’t just to make it easier for businesses to reach markets and lower trade barriers; they also want to improve the flow of goods and investments, which will strengthen the economic ties between the UAE and India and encourage a more diverse economic relationship.

Advocacy and Economic Growth: The UICC actively encourages strong communication, real cooperation, and faster trade between the UAE and India so that both countries’ companies can grow and be successful. With a focus on states like Odisha, this strategic partnership shows a flexible approach to foreign trade and investment, which should bring big economic gains and long-term growth to both countries.

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