UAE, India set up joint business council

Marking the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the two sides have launched the UAE chapter of their joint business chamber to bolster economic ties and facilitate enhancing bilateral trade and investment.
    
India and the United Arab Emirates (UAE) inked a CEPA on 18 February last year to boost trade ties following a virtual summit between Prime Minister Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, reports PTI.
     
The UAE India Business Council - UAE Chapter (UIBC-UC) was launched on Saturday by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of Ambassador of India to the UAE, Sunjay Sudhir, Consul General of India in Dubai Aman Puri and founding members of the UBIC-UC.
     
The two nations aim to increase bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India. 
    
By leveraging the strong bond between the two nations, the council brings together key partners and stakeholders from both nations and will serve as a valuable source of policy guidance, fostering innovative collaboration between Emirati and Indian businesses.

The UAE India Business Council - UAE Chapter (UIBC-UC) has been set up with the approval of UAE's Ministry of Foreign Affairs and International Cooperation and the Ministry of External Affairs, Government of India.
    
The UIBC-UC will operate under the supervision of the Federation of UAE Chambers of Commerce & Industry and has been registered as a legal and financial entity with the Dubai Chamber of Commerce. The council will have its office in Abu Dhabi and will be a pan UAE body focussing on promoting trade and investment relations between the UAE and India. Membership to UIBC-UC will be by invitation only, and institutional members will be invited over time.