Non-oil foreign trade between the two countries grew by 24.7% during the first quarter
«Economy»: The UAE and India offer the world a unique model of comprehensive economic partnership
Al-Marri participated in a session within the work of the annual conference of the Federation of Indian Industries. From the source
Minister of Economy Abdullah bin Touq Al Marri said that the UAE and India offer the world a unique model of comprehensive economic partnership.
He said during his participation in a session entitled "Is Micromultilateralism the Future of Global Trade?" "The partnership between the UAE and India is an engine of economic growth that establishes trade and investment opportunities for more than 2023.3 billion people, and joint economic cooperation contributes to enhancing the vitality of trade and investment flows across the South Asian region, and access to regional and global markets," as part of the annual conference of the Federation of Indian Industries for the year 8, in the Indian capital, New Delhi.
Al Marri added: "The economy of the two countries is one of the fastest growing economies in the world in 2022, as they achieved significant and accelerated growth leaps, as the UAE economy grew by 7.6% over the past year. According to World Bank estimates, the real GDP of the Indian economy grew by 7.7% year-on-year during the first nine months of the 2022-2023 financial year, which gives a positive indication of the momentum of economic opportunities in the markets of the two countries during the next phase, and a clear message to motivate the UAE and Indian business communities to increase their investments and businesses."
Al Marri stressed that the UAE and India offer the world a unique model of comprehensive economic partnership, in light of the strength and strength of historical and strategic relations, and thanks to the vision of the leaderships of the two countries, and their continuous support to enhance prospects for joint economic and trade cooperation.
He said: "The comprehensive economic partnership agreement signed between the two countries in February 2022 has achieved distinguished and positive results, as it played a prominent role in enhancing trade exchanges, facilitating investment flows, and providing more opportunities and enablers for exporters and importers in the markets of the two countries, through the advantages granted by the agreement."
He pointed out that non-oil foreign trade between the two countries achieved a growth of 24.7% during the first quarter of 2023, compared to the same period in 2022, in addition to the increase in national non-oil exports to Indian markets by 33%, and trade reached about AED 180 billion ($ 49 billion) during 2022, achieving an increase of 10%, compared to 2021.
During his speech, Al Marri continued: "The UAE has a forward-looking and ambitious vision to enhance economic openness to the world, and build international trade partnerships with strategic markets, as it has been keen to support the multilateral trading system, as a key engine for achieving sustainable economic development."
He pointed out that the UAE launched in September 2021, the Comprehensive Economic Partnership Agreements Program, through which it was able to sign four partnerships with India, Israel, Indonesia and Turkey, while continuing to work to sign more partnerships with other markets during the next phase.
Investopia launches new partnership with Confederation of Indian Industries
Global investment platform Investopia announced the launch of a new partnership by signing a memorandum of understanding with the Confederation of Indian Industry to exchange experiences, trade delegations and knowledge content, promote promising investment opportunities in the Indian and UAE markets within the new economic sectors, as well as organize joint events and conferences to support communication between the Emirati and Indian business communities.
The signing, which took place in the Indian capital, New Delhi, yesterday, was witnessed by the Minister of Economy and Chairman of Investopia, Abdullah bin Touq Al-Marri, while the memorandum was signed by the Assistant Undersecretary of the Ministry of Economy for the Support Services Sector, Badriya Al-Maidur, and the President of the Federation of Indian Industries, Sanjeev Bajaj, on the sidelines of the annual conference of the Federation of Indian Industries for the year 2023.
Al Maidoor said: "The signing of the MoU with the Confederation of Indian Industry comes within the framework of the vision of the Global Investment Platform (Investopia) for the importance of the Indian market, which is one of the most important global and strategic markets characterized by promising investment and trade opportunities, and comes as a continuation of the first global dialogues launched by the platform in India outside the UAE, which included organizing two sessions in Mumbai and New Delhi in May 2022."