Against the backdrop of Indian exports crossing the $400 billion benchmark, the Comprehensive Economic Partnership Agreement (Cepa) signed by the UAE and India will be operational within one month, officials have said.
Cepa will simplify customs procedures, reduce logistics cost and open new opportunities for professional services, they said at the closing of the 3rd Edition of Logix India, in Dubai, supported by the UAE’s National Association of Freight and Logistics (NAFL).
Cepa will boost UAE’s logistics sector which contributes more than 14% to Dubai’s GDP, said Nadia Abdul Aziz, President of the UAE’s National Association of Freight and Logistics (NAFL).
“With Cepa in place, Indian products can penetrate the UAE market through which they can enter the GCC, Commonwealth of Independent States (CIS), Africa and beyond,” she said.
Era of joint economic growth
Earlier, Ahmed Mahboob Musabih, Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, said that the Cepa will pave the way for a new era of joint economic growth and prosperity in the two countries, improves mutual access to markets, enhances economic and investment opportunities and paves the way for broader prospects.
The three-day logistics conference concluded with a valedictory session at the India Pavilion at Expo 2020 Dubai addressed by top officials from both the countries.
Logix was organised by the Federation of Indian Export Organisations (FIEO) and supported by Federation of Freight Forwarders Association in India (FFFAI) and NAFL.
NAFL and FFFAI to cooperate
Meanwhile, a Memorandum of Understanding (MoU) was signed between NAFL and FFFAI. The MoU covers mutual cooperation of the two federations of freight forwarders, exchange of knowledge, technology and exchange of students for internship.
“The MoU provides for trade support, empowerment of women and youth, skill development and training and exchange of students,” said Aziz.-- TradeArabia News Service
&uuid=(email))