DCCI signs MoU with Assocham

The Dubai Chamber of Commerce and Industry and India's Associated Chambers of Commerce and Industry (Assocham) have signed a memorandum of understanding (MoU) to strengthen business relations.

The signatories were Obaid Humaid Al Tayer, president of Dubai Chamber, and K.K. Nohria, president of Assocham.

Following the signing of the protocol of cooperation, Nohria, who led the 20-member delegation, said Assocham will have a dedicated UAE desk, which can help update relevant developments in the UAE.

Plans are also underway to set up a core group, which will have constant discussions on matters of mutual interest.

Al Tayer said: "We have to be prepared well in time to take on the onslaught from developed countries. It's only through cooperation and mutual understanding that we can challenge the barriers being posed by the West in the wake of the advent of WTO."

As per the articles laid out by the protocol of cooperation, both parties shall promote and assist contacts, foster mutual cooperation in trade and encourage joint ventures, knowhow transfers and other forms of sound business relations between their members.

It also states that both parties shall encourage the exchange of trade delegations, experts and economic missions and shall help make such visits successful.

Nohria lambasted the non-tariff barriers being raised by developed countries and alerted developing countries to group together to defend their just cause.

"The economic power is always favourable to the developed world and hence it's only through meaningful cooperation we can fight our case. In this context, the MoU we signed today will take us a long way in the right direction," said Nohria.

UAE is the second largest export market for India with a bilateral trade in excess of $2.5 billion.