CEPAs help UAE firms expand globally, says Al Saleh

UAE

In a bid to bolster international trade and foster economic growth, the United Arab Emirates (UAE) has been actively engaging in Comprehensive Economic Partnership Agreements (CEPAs) with key trading partners. These agreements, once ratified, offer businesses in the UAE tariff-free or low-tariff access to markets encompassing two billion people, representing approximately 10% of the global GDP. Abdulla Ahmed Al Saleh, the undersecretary of the Ministry of Economy, highlighted the significant opportunities these agreements present for businesses to thrive and expand globally.

Speaking at the inaugural conclave of The Electronics Group (TEG), Al Saleh emphasized the UAE's commitment to fostering a vibrant digital economy and promoting innovation in the information technology sector. The UAE, as a signatory country to the World Trade Organization's Information Technology Agreement (ITA), aims to eliminate tariffs on a wide range of information technology products. This move not only creates an ideal environment for businesses to flourish but also reduces costs for consumers and drives technological advancements across various industries.

Al Saleh underscored the importance of leveraging the opportunities presented by the ITA to enhance the competitiveness of the UAE, attract foreign investment, and position the country as a hub for technological innovation in the region. The commitment to eliminating tariffs facilitates global trade in electronic goods, encourages technology transfer, and stimulates investment in cutting-edge technologies.

The TEG Conclave served as a significant platform to advance the Ministry's objectives of fostering closer cooperation, increasing trade and investment flows, and deepening economic ties between the UAE and the global community. By convening industry leaders and stakeholders, TEG's initiative underscores the importance of collaboration in driving innovation and growth in the electronics sector. This collaborative effort not only enhances the UAE's position as a hub for technological advancement but also reinforces the commitment to expanding economic opportunities on a global scale.

Paras Shahdadpuri, chairman of TEG, highlighted the importance of collaboration between businesses and investors in achieving Dubai's goal of becoming a top global city. With ambitious GDP targets and a focus on areas such as foreign direct investment (FDI), CEPA agreements, and growth in sectors like real estate and tourism, Shahdadpuri emphasized the significance of collaboration and innovation in propelling Dubai towards unprecedented economic prosperity.

A panel discussion during the conclave, led by Ashish Panjabi, COO of Jacky’s Retail, delved into the topic of sustaining Dubai's competitive edge in the dynamic electronics landscape. Panellists including Hassan Al Hashemi from Dubai Chambers, Mansoor AlMalik from Dubai Customs, and Nilesh Khalkho from Sharaf DG explored strategies to maintain Dubai's competitiveness and stimulate further growth in the electronics sector.

In conclusion, the UAE's engagement in CEPA agreements and its commitment to fostering innovation and collaboration underscore the country's dedication to driving economic growth and prosperity. Through initiatives like the TEG Conclave, the UAE aims to strengthen its position as a global economic hub and create an environment conducive to business expansion and technological advancement.