Dubai, United Arab Emirates
- Agreement will simplify customs procedures, reduce logistics cost, open new opportunities, create jobs
- Logistics sector accounts for 14 percent of Dubai’s GDP
- NAFL, FFFAI sign MoU for training, women and youth empowerment
- India crosses USD 400 billion benchmark in exports
The Comprehensive Economic Partnership Agreement (CEPA) signed by the UAE and India will be operational within one month that will simplify customs procedures, reduce logistics cost and open new opportunities for professional services, officials said at the closing of the 3rd Edition of LOGIX India, in Dubai, supported by the UAE’s National Association of Freight and Logistics (NAFL).The three-day logistics conference concluded with a valedictory session at the India Pavilion at Expo 2020 Dubai addressed by top officials from both the countries.
Nadia Abdul Aziz, President of the UAE’s National Association of Freight and Logistics (NAFL) said CEPA will boost UAE’s logistics sector which contributes more than 14 to Dubai’s GDP.
“With CEPA in place, Indian products can penetrate the UAE market through which they can enter the GCC, Commonwealth of Independent States (CIS), Africa and beyond,” she said.
Meanwhile, a Memorandum of Understanding (MoU) was signed between NAFL and FFFAI. The MoU covers mutual cooperation of the two federations of freight forwarders, exchange of knowledge, technology and exchange of students for internship.
“The MoU provides for trade support, empowerment of women and youth, skill development and training and exchange of students,” said Nadia.
Earlier, His Excellency Ahmed Mahboob Musabih, Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, said that the CEPA will pave the way for a new era of joint economic growth and prosperity in the two countries, improves mutual access to markets, enhances economic and investment opportunities and paves the way for broader prospects.
Key Logistics players in India and UAE could utilize the three-day event, held at Hotel Le Meridien Dubai, to work out ways and means to improve the prospects of the freight and logistics market.