India-UAE Trade Agreement to Offer a Big Boost to the Logistics Sector

· H E Dr Thani Bin Ahmed Al Zeyoudi Inaugurates LOGIX India 2022 in Dubai

[FIEO Press Release dated 22 March 2022]

"India-UAE Comprehensive Economic Cooperation and Partnership Agreement (CEPA) shall result in accelerated trade and investment and shall open a new world of opportunities," said H E Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE at the inauguration of the 3rd edition of LOGIX India in Dubai. Dr Thani Al Zeyoudi said India is UAE's largest Non-Oil Trade partner and the future is bright for India-UAE collaborations in Global supply chain logistics.

Thanking H E Dr Thani Al Zeyoudi for inaugurating the event, Dr A Sakthivel, President, FIEO said, "India is committed to spend US$ 1 trillion on various infrastructure in the next 5 years which will facilitate our logistics by bringing efficiency and reducing its cost." "Logistics is an important component of the economy and its role in manufacturing and exports can hardly be undermined. The logistics cost in India is about 14% of GDP as against the international benchmark of 8-9%. However, the focus of the Government in addressing the cost through various measures have already started yielding results. Government is implementing the dual Bharatmala (road network) and Sagarmala (waterways network) to improve logistic backbone," added Dr A Sakthivel.

H E Ahmed Mahboob, Director General of Dubai Customs and the CEO of Ports, Customs and Free Zone Corporation said, "UAE has made significant progress in technology upgradation in customs and logistics sector and looks forward to support India in its mission for logistics sector transformation."

Complementing FIEO on organising LOGIX India in UAE, Mr Sandeep Kumar Bayyapu, Deputy Chief of Mission, Indian Embassy, UAE mentioned, "The Indian economy is on the upswing. We have become the fastest growing major economy in the world. We endeavour to become a US$ 5 trillion economy by 2026. Indian logistics companies should form good partnerships with UAE companies and take advantage of technical expertise available in the region.

About 100 Indian companies are in UAE at the 3rd Edition of LOGIX India to meet their prospective trade partners and FIEO is playing a key role to facilitate trade and investments in the sector, highlighted Dr Ajay Sahai, Director General & CEO, FIEO. "We are excited at the prospects being offered in UAE post CEPA agreement and we look forward to exploring markets in Africa & MENA region through UAE," added Dr Sahai.

The Inaugural ceremony was also attended by Mr Abdul Rahman bin Haider, Head of World Logistics Programme, UAE; Mr Suresh Kumar, Chairman, Indian Business & Professional Council, UAE; Ms Nadia Abdul Aziz, President, National Association of Freight Logistics, UAE and Mr Shankar Shinde, Chairman, Federation of Freight Forwarders' Associations in India together with leading logistics companies of the region.