India-UAE Partnership Summit
The India-UAE Partnership Summit is to be held in Dubai on January 23-25, 2023. International Business Linkage Forum is to host the summit along with Dubai Chambers. The summit follows increasing trade ties between the countries due to the Golden Visa policy of UAE and The CEPA Agreement.
About the Summit
- Government speakers and business personalities will attend the summit and will discuss strategies to increase trade opportunities between the countries.
- Sectors to be focused in the summit: Health care, Startups, Food processing, and manufacturing
- The summit will discuss the golden Visa Scheme of UAE and the success stories of businesses that thrived in Dubai
- In 2021, India was the second biggest trading partner of the UAE.
- India was the first country to sign the bilateral trade agreement with UAE.
- 5 million Indians are staying in UAE and they make up 30% of the UAE population
- CEPA is Comprehensive Economic Partnership Agreement. India and UAE signed the agreement in 2022
- The gems and jewelry sector are expected to benefit more from the agreement
- CEPA is expected to increase the trade between the countries to 100 billion USD within five years
- CEPA is a free trade agreement between two countries. It adds trade benefits. For instance, by signing CEPA with UAE, Indian goods received an 80% reduction in tariffs.
India and other countries’ CEPA agreement
India has signed the CEPA agreement with two other countries other than UAE. They are Japan and South Korea.
Golden Visa Scheme
It is an immigration program of the UAE government. Under the scheme, a businessman (a wealthy individual) gets a residence permit and even citizenship in some cases. Apart from UAE, several other countries follow this scheme. They are Portugal, Italy, Germany, Greece, Bulgaria, Austria, Belgium, Malta, the UK, Canada, the USA, etc.
Impact of the Golden Visa Scheme
The UAE government recently increased the validity of the golden visa to 10 years. This change and the CEPA agreement have widened trade opportunities between the countries. The Summit is one of the opportunistic events of these changes.
Category: International / World Current Affairs