New Delhi: The Joint Arab-Indian Chamber of Commerce is on the verge of being established, according to the “Delhi Declaration” released at the conclusion of the sixth India-Arab Partnership Conference in New Delhi. This development underscores the growing economic ties between India and Arab countries and heralds a new phase of promising growth and sustainable economic changes.
The “Delhi Declaration” highlights the importance of close collaboration between India and Arab nations across various levels, aiming to strengthen the exchange of knowledge, experience, and expertise in sectors of mutual interest. The Joint Arab-Indian Chamber of Commerce will play a crucial role in achieving this goal. The decision to establish the Chamber was taken during an earlier session of the India-Arab Partnership Conference held in Muscat.
Referring to the recommendation in the “Muscat Declaration,” both sides are keen to take positive steps towards activating the Joint Arab-Indian Chamber of Commerce in the near future. This new entity is expected to serve as a key facilitator in enhancing bilateral trade and investment between the Arab League and India, fostering economic growth and cooperation.
The India-Arab Partnership Conference is the product of a Memorandum of Cooperation signed between the Arab League and India in December 2008. This collaborative framework established an Arab Indian Cooperation Forum, which, in turn, organizes the Partnership Conference alternately in India and an Arab country.
Recognizing the significant role that the Arab League member states play in the international economic arena, the Delhi Declaration emphasizes the plethora of opportunities for economic partnership. The conference attendees commended India’s G20 Presidency and expressed appreciation for the upcoming G20 summit, to be hosted by India in September 2023. India’s active engagement in addressing crucial global economic issues through the G20, including financial stability, climate change mitigation, sustainable development, resilient supply chains, and economic decentralization, received accolades.
The next Arab-Indian Partnership Conference is scheduled to take place in Jordan in 2025.