The Comprehensive Economic Partnership Agreement (CEPA), signed by the UAE and India, will be operational within one month, UAE officials said while speaking at the close of the third edition of the LOGIX India event in Dubai, 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 president of the NAFL, Nadia Abdul Aziz, said: “CEPA will boost the UAE’s logistics sector which contributes more than 14 percent to Dubai’s GDP.
“With CEPA in place, Indian products can penetrate the UAE market, through which they can enter the GCC, the Commonwealth of Independent States (CIS), Africa, and beyond.”
The director-general of Dubai Customs and the CEO of the Ports, Customs, and Free Zone Corporation, Ahmed Mahboob Musabih, said: “CEPA will pave the way for a new era of joint economic growth and prosperity in the two countries, improve mutual access to markets, enhance economic and investment opportunities, and pave the way for broader prospects.”
Additionally, a memorandum of understanding (MoU) was signed between the NAFL and Federation of Freight Forwarders’ Associations in India (FFFAI) to support mutual cooperation between the two federations of freight forwarders, ensure the exchange of knowledge and technology, as well as the exchange of students for internships.
The three-day LOGIX India conference concluded with a valedictory session at the India Pavilion at Expo 2020 Dubai addressed by top officials from both countries, according to the state-run news agency, Wam.
