New Delhi: Abdullah bin Touq Al Marri, Minister of Economy participated in a session titled “Is Minilateralism the Future of Global Trade?” as part of the annual Confederation of Indian Industry (CII) conference 2023 held in New Delhi on May 24 and 25.
The session was attended by Sanjeev Bajaj, President of CII; Chandragit Banerjee, Director-General of CII; and a number of UAE and Indian companies, global investors and businessmen. The session discussed an array of topics including the latest economic policies in global trade and the importance of regional and trade agreements in enhancing the future of global trade. In addition, it took a closer look at the methods adopted by free trade agreements to transform global value chains, apart from the means to enhance and facilitate market reach for importers and exporters.
Al-Marri said, “The UAE-India partnership is a driver for economic growth that creates trade and investment opportunities for over 3.8 billion people. Our solid economic partnership contributes to the vitality of trade and investment flows in South Asia and through it towards regional and global markets.”
He added, “The two countries are accelerating efforts, hand in hand, to develop our economies and adopt plans, strategies, and initiatives that support our visions for expansion and investment in the new economy sectors. Through this important economic event, we look forward to enhancing bilateral trade with India in the fields of technology, digital payments, innovation, green energy, healthcare, communication, logistics, transport, waste management, and space technology.”
“The two countries economies were among the fastest growing in the world in 2022, characterised by a fast pace of economic growth. The UAE economy grew by 7.6 per cent last year, and according to the World Bank estimates, the Indian economy’s GDP achieved a yearly growth of 7.7 per cent in the first nine months of the fiscal year 2022-2023. This indicates the number of economic opportunities that are available in our markets” he continued.