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September 22, 2023 10:58 am

Trade between India & United Arab Emirates to take a new dimension: MP Vikramjit Singh

Chandigarh, October 29

The trade between India and UAE would take new dimensions after two major agreements already in existence.

This was disclosed by Vikramjit Singh, Member of Parliament from India, Chair India-Arab Council, and Member India-UAE Joint Taskforce after calling on HE Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of UAE.

Major discussions took place between both regarding trade between India and UAE after the conclusion of the Comprehensive Economic Partnership Agreement (CEPA) and Free Trade Agreement (FTA).

. Vikramjit Singh flagged the key issues faced by Agri Sector regarding rice exports from India being rejected due to pesticides and emphasized on having accredited Labs of mutually acceptable standards together with fast-track approval for Pharma products from India.

He also requested the honorable Minister to reduce the minimum threshold for investment, for 100% Ownership in Health and other Sectors, which is currently pegged at AED 100 million.

Vikramjit Singh requested the Minister for early conclusion of the UAE-India Bilateral Investment Treaty, to streamline the working of India and UAE JVs.

Vikramjit Singh also stressed on the bilateral trade and the key areas between Punjab and UAE. On behalf of the Chief Minister of Punjab, S. Vikramjit also discussed about more investment in the infrastructure sector, Basmati export, and Agri processing sectors by the UAE in Punjab.

HE Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of UAE expressed his satisfaction on deeper engagement with India in trade and investment and assured UAE’s investment in India, in Innovation, Startup Ecosystem, Healthcare, Fintech, Defence, Renewable Energy, IT and ITES.

Minister also welcomed having a delegation from Punjab to showcase opportunities in Agri-Processing Sector and Infrastructure and arrange meetings with UAE Investors.

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