Under the CEPA, the proposed ‘green corridor’ between UAE and India is expected to increase trade flows.
Dubai, UAE – The United Arab Emirates (UAE) and India are planning to establish a ‘green corridor’ to facilitate faster and more efficient customs clearance for trade under the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
The proposed corridor will serve as a dedicated route for the movement of goods between the UAE and India, with streamlined customs procedures and reduced processing times for goods transported through the corridor.
Under the CEPA, which was signed by the UAE and India in 2020, the two countries have committed to strengthening their economic ties and boosting trade and investment flows.
The CEPA covers a wide range of areas, including trade in goods and services, investment, intellectual property, and economic cooperation. It is expected to enhance the competitiveness of the two countries’ economies and create new opportunities for businesses and investors.
The establishment of the green corridor is part of the UAE’s efforts to enhance its trade relations with India and expand its presence in the South Asian market.
India is the UAE’s second-largest trading partner, with bilateral trade between the two countries exceeding $60 billion in 2021. The UAE is also a major investor in India, with investments in sectors such as energy, infrastructure, and real estate.
The green corridor is expected to further boost trade and investment flows between the two countries by reducing the time and cost of customs clearance for goods transported through the corridor.
The proposed corridor will involve the establishment of dedicated customs checkpoints and inspection facilities along the route, as well as the deployment of advanced technologies such as automated customs clearance systems and electronic data interchange.
The green corridor will also be supported by a range of other initiatives aimed at promoting trade and investment between the two countries, including the establishment of joint economic zones, the exchange of trade missions, and the promotion of SMEs and startups.
Commenting on the proposed green corridor, Abdullah Ahmed Al Saleh, Undersecretary of the UAE Ministry of Economy, said: “The green corridor will serve as a vital link between the UAE and India, facilitating faster and more efficient customs clearance for trade under the CEPA. It is a major step forward in our efforts to enhance our trade and investment ties with India and create new opportunities for businesses and investors in both countries.”
Al Saleh added: “The green corridor is part of a wider strategy to strengthen our economic ties with India and expand our presence in the South Asian market. We are committed to working closely with our Indian counterparts to create a more enabling environment for trade and investment between our two countries.”
The proposed green corridor has been welcomed by businesses and investors in both the UAE and India, who see it as a major step forward in enhancing their trade relations and creating new opportunities for growth and expansion.
Sudhir Shetty, President of the UAE-based Indian Business and Professional Council, said: “The green corridor is a significant development that will enhance the competitiveness of our two economies and create new opportunities for businesses and investors in both countries. We look forward to working closely with our UAE and Indian counterparts to make this initiative a success.”
Shetty added: “The green corridor will facilitate smoother customs procedures, reduce processing times, and lower the cost of doing business between the two countries. This will benefit a wide range of sectors, including agriculture, manufacturing, and logistics.”
The establishment of the green corridor is expected to further strengthen the economic ties between the UAE and India and promote sustainable economic growth and development in both countries.
The UAE and India have a long-standing history of economic and cultural ties, and the establishment of the green corridor is expected to build on this legacy and create new opportunities for collaboration and cooperation in the years to come.
