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08 December 2023

H.E. Bin Touq attends CII Partnership Summit 2023 in New Delhi

By E247
  • H.E. Bin Touq attends CII Partnership Summit 2023 in New Delhi
  • UAE supports global efforts to promote economic integration, reiterates Minister of Economy

H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, participated in the CII Partnership Summit 2023, which was held in New Delhi, India, from 13 to 15 March under the theme ‘Partnerships for Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses.’ The Summit’s aim was to facilitate exchange of visions and ideas that can support sustainable development efforts and promote the use of technology in driving economic growth.

In his speech, H.E. Bin Touq said: “The historic ties between the UAE and India add a unique dimension to our economic partnership. Besides, both countries believe in the potential of fair and sustainable trade that is based on clear foundations and rules. India is one of the most vibrant economies in the world today and has a wealth of resources, expertise and innovative ideas. Similarly, the UAE’s strengths include its global status as a leading trade, investment and business hub and a gateway to the Middle Eastern and African markets.”

The Minister of Economy added: “In addition to these existing strengths, the UAE reinforced its ability to serve as a strategic partner to India by establishing itself as a leading provider of logistics, financial services and technology. The UAE is India's third largest global trading partner today, while India is our second largest. We are proud of the strong presence of Indian companies in the UAE, and strive to provide them with all enablers for growth and expansion in our markets. People-to-people ties add more value to our partnership, as the Indian diaspora in the UAE is the largest expatriate community in the country that continues to make great contributions to the development of our economy.”

H.E. continued: “Our meeting today is happening at a time that is critical to both our economies and the rest of the world due to the global changes that have taken place over the past few years as a result of COVID-19. Consequently, the global economy is currently facing several risks that are in turn affecting overall development prospects. These include volatile commodity prices, inflation, uncertainties with regard to monetary policies, as well as supply chain disruptions that have slowed down economic activity.”

H.E. Bin Touq added: “The greatest danger of all is the geographical and economic fragmentation, which is prompting us to establish effective policies for global economic integration. Economic fragmentation is likely to cost us dearly because the greater the fragmentation of trade, the greater the economic costs. I would also like to reiterate that the UAE, as an active member of the global financial and trading ecosystem, supports global efforts aimed at promoting economic integration. We believe that it is absolutely necessary to address the economic challenges of our times and build a more sustainable and prosperous future for all.”

H.E. Bin Touq said: “The UAE government has adopted an array of measures that have enhanced the resilience of our economy in the face of these challenges. These efforts have also enabled us to establish an environment that fosters business growth and attracts investments. These include the granting of 100 per cent foreign ownership; issuance of a legislation to protect intellectual property; and the launch of an ambitious strategy to attract talent and skills in all sectors to enhance the UAE’s position as a permanent hub for creativity and innovation. In addition, the UAE has also launched a set of pioneering initiatives such as the global Investopia platform to create opportunities and enable future investments. Adding further value to our efforts in this regard is the comprehensive economic partnership agreements (CEPA) under which the UAE has signed four agreements so far - with India, Israel, Indonesia and Turkey. Negotiations with more strategic markets are currently progressing.”

H.E. pointed out that the adoption of such forward-looking policies has enabled the UAE’s real GDP to grow by 7.6 per cent in 2022. Besides, FDI inflows to the country amounted to USD 171.6 billion, The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the AED 2 trillion and 233 billion mark for the first time in its history with a 17 per cent year-over-year growth. And this confirms the efficiency of the initiatives and strategies of the UAE government.

In his speech, the Minister of Economy underlined the importance of the comprehensive economic partnership between the UAE and India, and its role in boosting trade flows between the two markets. The trade deal has canceled or reduced customs duties by 90 per cent on goods and commodities traded between both countries. He explained that they cover nearly 95 per cent of the value of commodities that each country imports from the other, which will accelerate the growth of non-oil trade to amount to USD 100 billion per annum over the next five years.