Vijayawada: The United Arab Emirates Ambassador to India, HE Abdul Nasser Jamal Alshaali, visited the Bapu Museum in Vijayawada on Wednesday. He was captivated by the historic sculptures and artifacts displayed. During his visit, he explored various galleries, including those dedicated to Buddhism, Jainism, prehistory, Hindu sculptures, coins, bidriware, and arms and weapons. Dr. G Vani Mohan, Commissioner of the Archaeology and Museums Department, welcomed the ambassador and highlighted the significance of the museum's historic monuments.
Ambassador Alshaali also addressed the impressive growth in bilateral trade between the UAE and India, which increased by 15% to USD 83.6 billion in the fiscal year 2023-24. This growth was largely attributed to the Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022. The agreement streamlined trade processes, reduced tariffs, and created robust pathways for businesses, propelling trade from USD 73 billion in FY 2021-22 to USD 83.6 billion.
"The positive impact of CEPA is evident in the remarkable growth in bilateral trade between the UAE and India. This achievement underscores the transformative benefits of CEPA and the strong potential for further growth in our economic partnership," Alshaali stated during a press interaction.
He revealed that the UAE aims to achieve USD 100 billion in non-oil bilateral trade with India by 2030. The CEPA has significantly boosted India's exports to the UAE, with notable growth in gems and jewelry (64%), pharmaceuticals (39%), and fruits and vegetables (35%).
Calling CEPA just the beginning, Alshaali emphasized the potential for enhancing trade ties further. He mentioned that the UAE plans to eliminate tariffs on 7,581 Indian products in the coming years, covering 99% of India's exports to the UAE by value. Already, over 80% of India's total exports to the UAE enjoy tariff-free access.
The ambassador also noted the benefits of CEPA for Indian startups and SMEs, which can now enter new markets more easily. Several UAE companies, particularly in construction, energy, and retail, are leveraging the bilateral trade deal to enter the Indian market.
On Thursday, Alshaali participated in the UAE-Andhra Pradesh Economic and Investment Roundtable in Vijayawada. The event featured Andhra Pradesh's Industries Minister TG Bharat and representatives from over 10 UAE companies, including Emaar, DP World, Tabreed, and Aramex.
Moreover, Alshaali expressed the UAE's interest in supporting the Indian aviation sector as a partner rather than a competitor. He highlighted that Emirates, the UAE's flagship carrier, is the largest airline in the Middle East and emphasized that Indian airports have the capacity to handle more passengers than they currently do.
Regarding the integration of the rupee in bilateral trade, Alshaali acknowledged that such large-scale integration takes time due to the technicalities and systems involved.
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