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UAE Economy Minister meets Kamal Nath at Trade Forum

29
May '07
The first meeting of India-UAE Trade Policy Forum was held preceded by a one-to-one meeting between Shri Kamal Nath, Union Minister of Commerce & Industry and Shaikha Lubna Al Qasimi, Minister of Economy of the United Arab Emirates (UAE).

Both the Ministers underlined the strong partnership that India and UAE enjoy in the field of trade and commerce, while noting that the partnership was still way below the potential.

Both the Ministers expressed the hope that the Ministerial level Gulf Cooperation Council (GCC)-India Industrial Conference beginning in Mumbai tomorrow would promote a greater thrust to India's economic cooperation with the Gulf region as a whole.

The two Ministers discussed a range of issues with a view to increasing the level of trade between the two countries. Shri Kamal Nath took up with the UAE Minister issues relating to opening of branches of Indian banks in UAE, including the State Bank of India (SBI), removal of trade barriers such as registration guidelines, restrictive work permits, visa regime etc. relating to import of pharmaceutical and chemicals and allied products.

The UAE in turn referred to anti-dumping measures on UAE products and companies and matters relating to the successful establishment and implementation of Orissa Alumina Joint Project.

Trade between India and UAE stood at US $ 12.9 billion in 2005-06. Of this, India's exports to the UAE were valued at US $ 8.59 billion and imports fromthe UAE at US $ 4.31 billion.

UAE is India's top trading partner in the entire WANA region, as the UAE alone represents 75% of India's export to GCC countries. Indian exports to the UAE account for 6% of India's global exports.

Dubai is a major trade centre of re-exports and a gateway for the whole of Arab world. Revival of oil prices since late 1999 has strengthened the trading position of GCC countries in general and UAE in particular.

Press Information Bureau Government of India


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