UAE-India CEPA has transformed trade and startup collaborations: UAE Minister of Economy Abdulla Bin Touq Al Marri
UAE-India CEPA entered into force in 2022, trade between the two countries has grown remarkably by 16.41 percent with total trade growing from $72.87 billion in 2021-2022 to $84.84 billion in 2022-2023, according to UAE Minister of Economy Abdulla Bin Touq Al Marri who was recently in Chennai. In a wide-ranging interview with ET’s Dipanjan Roy Chaudhury, Al Marri mentioned that CEPA has strengthened collaboration to promote startups through exchange of best practices between accelerators, incubators, and other such ecosystem stakeholders
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How has the CEPA impacted trade relations between UAE and India since its implementation?
The UAE-India CEPA entered into force on May 1, 2022, unlocking an array of benefits for the two private sectors. In the first two years since the pioneering agreement came into effect, trade between the two countries has grown remarkably by 16.41 percent, with total trade growing from $72.87 billion in 2021-2022 to $84.84 billion in 2022-2023. Major Indian export sectors have witnessed considerable growth following the implementation of the CEPA, with Indian exports of gems and jewellery, drugs and pharmaceuticals and fruits and vegetables to the UAE recording significant growth. Indian FDI in the UAE is also growing, as 11,000 new Indian companies were registered in 2022, taking the total number of Indian companies operating in the UAE to more than 83,000. The two countries are on track to go beyond achieving the goal of $100 billion in non-oil trade by 2030.
Can you discuss the UAE's strategy for fostering joint startup ecosystems with
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