India-UAE Trade Agreement Strengthens Economic Bonds: UAE Ambassador
The trade agreement between India and the United Arab Emirates (UAE), known as the Comprehensive Economic Partnership Agreement (CEPA), has been a big success, according to UAE ambassador Abdulnasser Alshaali.
He mentioned that since the agreement was signed, there has been significant growth in trade between the two countries.
Alshaali highlighted that the CEPA has opened up new opportunities for businesses and strengthened the economic ties between India and the UAE. He also noted that the agreement has encouraged more investment and cooperation in different sectors.
The ambassador was speaking at an event in Mumbai celebrating the second anniversary of the CEPA coming into effect.
He mentioned that after Prime Minister Narendra Modi’s visit to the UAE in 2015, the relationship between the two countries became even stronger, leading to the signing of the CEPA in February 2022 and a Local Currency Settlement System in July 2023.
The CEPA, which came into effect on May 1, 2022, offers several benefits, including reducing tariffs, promoting open trade, and improving market access for service providers in various sectors.
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