One year after the Comprehensive Economic Partnership Agreement entered into force between the two countries.
The Jebel Ali Free Zone seeks to accelerate the path of trade exchange between the two countries to reach $100 billion
Indian companies operating in Jafza are the second largest partner in terms of trade volume and the fourth in terms of the value of trade exchange
DUBAI, 12th May, 2020 (WAM) — Jebel Ali Free Zone (Jafza), during its participation in the Confederation of Indian Industries conference, which was held in the Indian capital, New Delhi, yesterday, Thursday, highlighted plans and goals to achieve growth in trade exchange.
Jafza indicated that it continues its efforts to support the development of trade exchange between the UAE and India, and to raise the volume of non-oil foreign trade to reach $100 billion over the next five years.
In his speech, Abdullah bin Demaithan, Executive Director and General Manager of DB World UAE and Jafza, stressed the importance of Dubai’s strategic position in promoting Indian international trade as India’s gateway to the world.
This event comes one year after the entry into force of the Comprehensive Economic Partnership Agreement between the UAE and India last year, highlighting the promising opportunities for Indian companies in the UAE, which include reducing or eliminating customs tariffs and providing an open and non-discriminatory environment for cross-border trade. the border.
According to the IHS Markit global research report, the volume of trade exchange between the UAE and India increased from $68 billion in 2021 to $84 billion in 2022, registering an annual growth of 23%.
Jafza currently provides services to more than 9,500 companies from 130 countries, as the trade route “Jafza-India” handles about 19% of the volume of non-oil trade exchange between the UAE and India, making it the largest system supporting the Indian international trade movement.
Through the “India-Emirati Bridge, Dubai – India’s Gateway to the World” initiative, Jafza seeks to reduce the time it takes to transport goods and reduce the cost of freight between the UAE and India, by providing flexible and effective logistical solutions, and offering new business opportunities for companies in both countries. Especially in vital sectors such as manufacturing, food and beverages, pharmaceuticals, healthcare, and others. This initiative is a major step towards strengthening economic relations between the UAE and India and raising the volume of trade exchange and investments to broader and more comprehensive horizons.
Abdullah bin Demaithan stressed the importance of cooperation with the Federation of Indian Industries, which brings together the most prominent experts in the sector to discuss the most important challenges and trade opportunities between the two countries. The Comprehensive Economic Partnership Agreement achieved many tangible benefits at the level of the trade relationship with India, as customs tariffs were canceled on more than 10,000 products and services over the next ten years, which reflected positively on the trade movement between the two countries in particular and the Gulf region in general.
In a speech delivered to business leaders in India, Abdullah bin Demaithan explained the real and distinguished value that Jafza provides to the Indian international trade movement, and the importance of the role played by the Jebel Ali Free Zone in motivating Indian companies to expand their business in foreign markets and strengthening global trade value chains.
The Indian companies operating in Jafza are the second largest partner in terms of trade volume and the fourth in terms of the value of trade turnover. Jafza supports the “Make in India” initiative and production-related incentive programs to promote local manufacturing, investments and Indian exports through its commercial and logistics hub in Jebel Ali, which provides unparalleled logistical and trade solutions to facilitate the access of Indian exports to new markets.
As part of the Dubai Merchants Market, Bharat Bazaar will allow Indian merchants in Jafza to expand their business and reach a wide range of dealers in the UAE and the world through a unified platform that combines wholesale and retail trade, both traditional and online.
It is worth noting that Jafza also connects companies and businesses to the food and beverage products terminal in Jebel Ali Port, which extends over an area of more than 1 million square meters, and provides logistical facilities such as grain storage silos, covered warehouses and refrigerated container storage yards, to meet the requirements of the food and beverage industry. Thus, the Jebel Ali Port and Free Zone provides an integrated logistical solution to enable Indian companies to achieve growth and prosperity in their business.