Dubai: A new economic agreement between the UAE and India will be operational with a month, officials said at an event in Dubai.
The Comprehensive Economic Partnership Agreement (CEPA) announcement was made at the closing of the 3rd Edition of LOGIX India, supported by the UAE’s National Association of Freight and Logistics (NAFL).
The UAE-India CEPA will simplify customs procedures, reduce logistics costs and open new opportunities for professional services.
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.
Nadia Abdul Aziz, President of NAFL, said: “CEPA will boost UAE’s logistics sector which contributes more than 14 per cent to Dubai’s GDP. 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.”
Meanwhile, a Memorandum of Understanding (MoU) was signed between NAFL and FFFAI. The MoU supports mutual cooperation between the two federations of freight forwarders, exchange of knowledge, technology and exchange of students for internship.
Earlier, Ahmed Mahboob Musabih, Director-General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, said: “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.”
Key Logistics players in India and UAE used the three-day event, held at Hotel Le Meridien Dubai, to find ways to improve the prospects of the freight and logistics market.