As a part of its efforts to take Indian brands to the international markets, CMAI had recently organised its first Brands of India exhibition in the UAE. According to CMAI, India exports about 1.1 billion USD of apparel to the UAE per year, which is expected to grow by about 10-15% per annum. The UAE-based retail chain like Lulu Group expects that the apparel segment would benefit the most from the CEPA agreement.
In such agreements, two countries either substantially cut or eliminate customs duties on the maximum number of goods traded between them, besides easing norms for promoting trade in services and investments. It was decided that an Oman Desk would be created in Invest India for this purpose. Similarly, Invest Oman would also launch an India Desk.
“We would like to see more Indian firms take full advantage of the emirates strategic position as a leading global trading and logistics hub,” says Mohammad Ali Rashed Lootah, President and CEO of Dubai Chamber of Commerce & Industry.
Commerce ministry data shows the order of export destinations has changed in FY23. But does this reflect the diversification of industry that experts often root for?
RIYADH: Prime Minister Datuk Seri Anwar Ibrahim has proposed an Asean-Gulf Cooperation Council free trade pact to deepen economic and political ties between the two strategic regions.