The potential of UAE- India relations are limitless following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between both nations, a top UAE Minister said Thursday.
“Non-oil trade between the two countries amounted to nearly Dh 165 billion in 2021, reflecting a 60 per cent growth compared to 2020 and eight per cent compared to 2019,” said UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi. He was speaking at the first-ever Khaleej Times’ Breakfast Connect’, a celebration of UAE’s year of the 50th and 75th anniversary of India’s independence.
The event kicked off at Dubai’s Habtoor Palace and Resorts in early August 18. Hosted in cooperation with the Consulate General of India in Dubai, the first-of-its-kind event celebrates trade deals, investments, culture, and other significant achievements from the countries’ close bilateral ties.
During his keynote address, Dr Thani said, “India is the UAE’s largest trading partner in non-oil exports, and accounted for 14 per cent of the country’s total global exports in 2021. The CEPA has been designed to push non-oil trade with India beyond the US $100 billion from the current US $40 billion over next five years.”
He said, “Moreover, the UAE is home to nearly 3.5 million Indians, representing about 25 per cent of India’s ex-pat diaspora – the largest anywhere in the world. The UAE’s Indian community has been a significant contributor to the development of both our economies – and is a key pillar in our bilateral partnership.”
He stated, “I am convinced there are no limits to what the UAE-India partnership can achieve. Indeed, I believe it is a model that can contribute to the sustainable development of the global economy, especially during such turbulent times.”
Mohamed Yahya Kazi Meeran, director and group CEO of the Galadari Brothers Group, welcomed guests, including Dr Thani, India’s Ambassador to the UAE, Sunjay Sudhir; Dr Aman Puri, Consul-General of India to Dubai and the Northern Emirates; and Nishant Ranjan, chief executive of Bank of Baroda in the UAE.
Since the establishment of India-UAE diplomatic relations in 1972, the scope of bilateral ties has widened, and the level of engagement has increased significantly over the past several years.
Following Dr Thani’s address, Indian Ambassador to the UAE Sunjay Sudhir said, “The effects of CEPA can already be seen, and the agreement plays a huge marker in post-pandemic economic recovery.” The ambassador praised UAE’s role in promoting peace and prosperity in the region amid turbulent times. “A total of 25 per cent of all Indian passport holders overseas reside in the UAE, which says a lot about our relationship,” he added.
Meanwhile, Dr Puri said Breakfast Connect celebrates two great civilisations and cultures and celebrates the success and contribution of the Indian community living in the UAE. “It celebrates the outstanding partnership between young Emirati and Indians who are finding solutions to global challenges,” said Dr Puri.
“Today, we are here to celebrate how the two countries with the shared values of peace, tolerance and prosperity are building bridges of friendship, which is more relevant today than ever before with a world looming recession and conflict,” he added.
While giving a welcome address, Vinay Kamat, editor-in-chief of Khaleej Times, said, “One word describes the journey of two great nations – together. We see that in history and culture. KT has chronicled the growth of the UAE and the warmth shared by both nations. The India-UAE story is of two people’s and one aspiration.”
- DUBAI
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