Dubai: Measures have been taken in order to implement the UAE-India SEPA Agreement on New History in Trade Cooperation more effectively. Bharat Mart may also set up a joint venture in Jebel Ali with DP World to exhibit and sell Indian products. This is on the same model as Dragon Mart, which is used for the display and sale of Chinese products. It will serve as a hub for Indian services and products, and act as a wholesaler and retailer.
India’s Ambassador in the UAE Sanjay Sudhir stated that India was taking three immediate steps, including expanding SEPA. Every two weeks, officials hold evaluation meetings at the highest level. Bilateral meetings will be held and trade shows organized. He stated that he will be holding 15 exhibitions on the Gulffood model and other topics this year and will soon be exhibiting at Dubai. SEPA will also involve several states. The Prime Minister instructed the ministers to consult and have discussions with traders in their respective states about the issue.
He said Minister Nirmala Sitharaman also had discussed the matter in Tamil Nadu. He stated that India wanted to maximize SEPA’s potential in all areas.
Encouragement of cooperation and mutual investment
Dubai: The Comprehensive Economic Partnership Agreement with the UAE (SEPA), is designed to promote trade cooperation and mutual investments between the two countries. Sanjay Sudhir was the Ambassador of India in the UAE. CEPA opens the UAE’s doors to international markets for Indian products. Indian entrepreneurs will have access to the UAE market, as well as Indian entrepreneurs to the UAE market. He stated that export regulations would be eliminated.
The Indian Consulate in Dubai was hosting a seminar for businessmen from both countries. India has already signed comprehensive economic cooperation agreements with countries like Turkey, Colombia and Indonesia. India is making full use of UAE’s trade-friendly laws and investment benefits.
As part of the deal, 7.7 crore worth jewellery have already been exported. According to the Director of Trade at the Ministry of Economy in UAE, it is expected to reach Rs 700 crore within five years. She stated that economic cooperation would benefit the tourism and food production sectors. SEPA is a welcome initiative for businessmen in India, UAE and other countries. Omar Khan, president of the Dubai Chamber of Commerce, praised the cooperation. The chairman was Dr. Aman Puri, the Dubai Indian Consul General.