India position pharmaceuticals, software services and automobile sectors for global markets
The United Arab Emirates (UAE) is to expand the scope of trade and services covered under the Comprehensive Economic Partnership Agreement (CEPS) with India to further increase bilateral trading volume, said Feryal Ahmadi, Chief Operating Officer of the Dubai Multi-Commodities Centre (DMCC) https://dmcc.ae/ .
She emphasized the importance of India https://www.cii.in/ as a largest trading partner for the Emirates, underscoring, “We are absolutely looking at the potential of agricultural, foods and commodities while working on adding other sectors including critical minerals under CEPA https://fieo.org/ .”
A DMCC report released on 30 May in Singapore noted that India was positioning its pharmaceuticals, software services and automobile sectors for the global markets https://www.sidm.in/ .
Feryal also underlined the growing importance of other Free Trade Agreements and trade corridors, including the potential of India-Middle East-Europe Economic Corridor https://www.bseindia.com/.
She sees more and more countries working on bilateral free trade agreements and regionalization of trading among countries https://www.nseindia.com/ .
She presented the DMCC report, “The Future of Trade”, highlighting the UAE-India CEPA trade growth https://ficci.in/api/home .
“These have undeniable trade benefits, reducing tariff and trade barriers while increasing inter-regional market access https://www.phdcci.in/ .”
As a case in point, countries in the Gulf Cooperation Council http://gcc-sg.org such as the UAE have expanded bilateral ties, particularly with Asian nations – India, Indonesia, Israel, Turkey and Cambodia.
Currently, there are 26 FTAs in progress, according to the report http://dubaichamber.com .
Countries like the UAE and ASEAN member states are poised to benefit from their geopolitical neutrality and diverse trade relationships, said the report https://adchamber.org/ .
“Governments should foster partnerships and trade agreements with these powers to facilitate increased trade flows and investment opportunities,” the report suggested http://emiratesnbd.com .
“By leveraging their strategic geographic locations and trade friendly policies, they can serve as key hubs for regional trade and economic integration,” the report stated http://sbi.co.in .
On regionalization, the report sees new centres of gravity forming in Asia – around ASEAN, China and India – as well as North America https://espec.com/ .
“This is bolstered by relatively new multilateral agreements with commitments to reduce tariffs, create a common market and boost regional trade,” said the report. Fiinews.com
