Latest news with #India-UAEComprehensiveEconomicPartnershipAgreement
Hans India
2 days ago
- Business
- Hans India
FICCI holds interactive business session on UAE
The Federation of Indian Chambers of Commerce and Industry (FICCI), in collaboration with the Sharjah Airport International Free Zone (SAIF Zone), Government of Sharjah, UAE, organized an interactive business session today in Hyderabad titled 'Expand Your Business in International Markets through UAE.' The session drew participation from a wide range of industry stakeholders across Telangana, including leaders from manufacturing, logistics, pharmaceuticals, food processing, and engineering sectors. Jayadev Meela, Co-Chairman, FICCI Telangana State Council & Director, Sudhakar PVC Products Pvt Ltd., delivered the welcome address and emphasized the strategic relevance of the UAE, particularly Sharjah, as a launchpad for Indian businesses targeting international markets under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). Saud Al Mazrouei, Director General, SAIF Zone, delivered the keynote address. He highlighted the unique advantages of SAIF Zone such as 100 per cent foreign ownership, world-class infrastructure, simplified regulatory procedures, and seamless global connectivity, making it an ideal hub for Indian companies to expand their global footprint. A corporate video on SAIF Zone's facilities was showcased, followed by a presentation by Anoop Warrier from SAIF Zone, who elaborated on the ease of doing business in Sharjah and the dedicated support available to Indian investors. The session concluded with a vote of thanks by Dhruv Gupta, Partner, Eternify and Executive Committee Member, FICCI Telangana State Council, who reiterated the importance of India–UAE partnerships and FICCI's commitment to facilitating such engagements across states.
Hans India
4 days ago
- Business
- Hans India
FICCI Organises Successful B2B Meetings in Vijayawada to Promote Global Business Expansion through UAE
The Federation of Indian Chambers of Commerce and Industry (FICCI), in partnership with the Sharjah Airport International Free Zone (SAIF Zone), Government of Sharjah, UAE, successfully hosted a focused series of B2B meetings in Vijayawada aimed at helping Indian businesses expand into global markets through the UAE. The meetings provided an overview of trade and business opportunities in the broader Middle East region, Africa, Central Asia, and Russia. They also offered guidance on expanding businesses across global markets and leveraging the India-UAE Comprehensive Economic Partnership Agreement (CEPA) to boost exports and cross-border operations. The initiative served as a strategic platform for local businesses to explore the benefits of operating out of the UAE, particularly through SAIF Zone, one of the region's most efficient and investor-friendly free zones. FICCI continues to build platforms that enable Indian businesses to scale globally, in alignment with India's expanding role in international trade and investment. Areas of interest spanned sectors such as engineering goods, food processing, textiles, logistics, IT services, and trading. Several companies expressed strong interest in setting up operations or representative offices in the UAE to tap into the broader Middle East, Africa, and Central Asia markets. The response was highly encouraging, with many participants engaging in one-on-one discussions and seeking follow-ups on company registration, warehousing, and trade facilitation services in the UAE. The initiative was well received as a timely platform to leverage the benefits of the India-UAE CEPA for expanding global footprint.
United News of India
5 days ago
- Business
- United News of India
AP: FICCI organises B2B meetings to promote global business expansion through UAE
Vijayawada, June 24 (UNI) The Federation of Indian Chambers of Commerce and Industry (FICCI), in partnership with the Sharjah Airport International Free Zone (SAIF Zone), Government of Sharjah, UAE, successfully hosted a focused series of B2B meetings in Vijayawada aimed at helping Indian businesses expand into global markets through the UAE. The meetings provided an overview of trade and business opportunities in the broader Middle East region, Africa, Central Asia, and Russia. They also offered guidance on expanding businesses across global markets and leveraging the India-UAE Comprehensive Economic Partnership Agreement (CEPA) to boost exports and cross-border operations. The initiative served as a strategic platform for local businesses to explore the benefits of operating out of the UAE, particularly through SAIF Zone, one of the region's most efficient and investor-friendly free zones. FICCI continues to build platforms that enable Indian businesses to scale globally, in alignment with India's expanding role in international trade and investment. Areas of interest spanned sectors such as engineering goods, food processing, textiles, logistics, IT services, and trading. Several companies expressed strong interest in setting up operations or representative offices in the UAE to tap into the broader Middle East, Africa, and Central Asia markets. The response was highly encouraging, with many participants engaging in one-on-one discussions and seeking follow-ups on company registration, warehousing, and trade facilitation services in the UAE. The initiative was well received as a timely platform to leverage the benefits of the India-UAE CEPA for expanding global footprint. UNI DP SSP
India Gazette
6 days ago
- Business
- India Gazette
India balances all stakeholder interests in trade deals, says Commerce Minister Goyal
New Delhi [India], June 23 (ANI): Commerce and Industry Minister Piyush Goyal on Monday emphasized that India's approach to Free Trade Agreements (FTAs) with complementary economies carefully balances both offensive and defensive interests of domestic industry, ensuring no sector is left vulnerable. Speaking to media persons at the third anniversary commemoration of Vanijya Bhawan, Goyal defended the government's trade negotiation strategy, asserting that none of India's recent FTAs have faced criticism from key domestic stakeholders including micro, small and medium enterprises (MSMEs), manufacturers, or farmers. 'We have kept the interests of our farmers, MSMEs, industry and the nation at the forefront while negotiating with countries,' Goyal stated, adding that future FTAs will continue to factor in domestic interests of all stakeholders. India currently maintains an extensive trade agreement portfolio with 14 Free Trade Agreements and six Preferential Trade Agreements in force. The government has significantly accelerated its FTA agenda over the past three years, signing several landmark deals that have reshaped India's global trade landscape. The India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in May 2022, stands out as a major achievement with 99 percent of Indian exports gaining duty-free access to the UAE market. This was followed by the India-Australia Economic Cooperation and Trade Agreement (ECTA) in December 2022, which has provided substantial boosts to key Indian sectors including textiles, pharmaceuticals, and engineering goods. The most ambitious agreement came in March 2024 with the India-European Free Trade Association Trade and Economic Partnership Agreement (TEPA), which secured a remarkable $100 billion investment commitment from EFTA countries. This deal is projected to create one million jobs across various sectors of the Indian economy. Adding to this momentum, the India-UK Free Trade Agreement, announced on May 6, 2025, is expected to be signed soon, further expanding India's access to developed markets while safeguarding domestic industry interests. The minister's comments came during the commemoration of Vanijya Bhawan's third anniversary, which he described as 'a symbol of modern, efficient, and integrated governance' and a dedicated hub for India's rapidly expanding commerce and industry ecosystem. Goyal highlighted that since Prime Minister Narendra Modi inaugurated Vanijya Bhawan three years ago, the Ministry of Commerce and Industry has achieved several significant milestones and established new benchmarks in how India conducts business globally. The minister's emphasis on balancing offensive and defensive interests reflects India's nuanced approach to international trade negotiations. Offensive interests typically involve securing better market access for Indian exports, while defensive interests focus on protecting domestic industries from unfair competition and ensuring gradual market opening where needed. This strategy appears to have yielded positive results, with stakeholders across the spectrum - from small enterprises to large manufacturers and agricultural communities - supporting the government's recent trade initiatives. The commemorative event at Vanijya Bhawan served both as a celebration of past achievements and a reaffirmation of the ministry's commitment to driving India's trade and industrial growth while maintaining the delicate balance between global integration and domestic protection. As India continues to position itself as a major player in global trade, the government's stakeholder-inclusive approach to FTA negotiations appears to be setting a new template for emerging economies seeking to expand their international economic partnerships. (ANI)
Time of India
24-05-2025
- Business
- Time of India
Ahmedabad jewellers seek transparency in gold TRQ allocation under India-UAE Comprehensive Economic Partnership Agreement
1 2 3 4 Ahmedabad: Jewellers in Ahmedabad raised concerns over the opaque allocation process for gold import quotas under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) for FY 2025–26. In a formal representation to the Directorate General of Foreign Trade (DGFT), the Jewellers' Association of Ahmedabad (JAA) urged the govt to publish clear eligibility criteria for tariff rate quota (TRQ) allotment and scrap the Rs 25 crore turnover threshold, which they say disadvantages smaller jewellers and distorts market competition. Under the current TRQ application process, jewellers, bullion traders, and manufacturers were required to submit past turnover figures and pay a non-refundable Rs 1 lakh fee. However, many applicants said they were unaware of any turnover threshold at the time of applying in Feb. "A turnover-based eligibility rule which was rescinded in 2023 was quietly reinstated, restricting access for smaller jewellers and bullion traders," said JAA president Jigar Soni. "This not only runs contrary to the spirit of CEPA, which is to promote wider market participation, but also creates an uneven playing field in favour of larger corporates." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Transforme sua disposição com esta solução natural recomendada por especialistas AlwaysFit Undo Several applicants said they had no knowledge of the Rs 25 crore qualifying bar until results were announced. "I submitted a complete TRQ application, paid the Rs 1 lakh fee, but had no idea about any turnover requirement," said Hardik Choksi, a jeweller from Manek Chowk in Ahmedabad. "This essentially means small businesses like ours are not even in the running, and the benefits of the duty concession will be concentrated among big traders. We will end up buying gold at higher prices from them, which affects our margins and market standing." The issue gained further traction after the DGFT, in a meeting on April 29, disclosed that it received over 3,000 TRQ applications—a 253% rise over the previous year, but only about 1,400 were approved. Officials reportedly prioritised firms with "considerable business size" and "manufacturing capacity", a move that sparked calls for greater transparency. "The turnover clause was officially scrapped last year," said Bhavin Patalia, a chartered accountant who filed over 100 TRQ applications. "If the govt planned to bring it back, applicants should have been clearly informed." Box: CEPA and the TRQ system The India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, allows for duty concessions on select goods to enhance bilateral trade. Under this, India permits the import of up to 200 metric tonnes of gold annually from the UAE at a 1% duty discount — lower than the standard import duty — through a tariff rate auota (TRQ) mechanism. Jewellers, bullion traders, and manufacturers must apply to the Directorate General of Foreign Trade (DGFT) for TRQ certificates to access this concession. The quota is distributed based on eligibility criteria, which applicants say lacked transparency this year. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
