India, UAE to set up trade policy forum
December 13, 2006
New Delhi (UNI): India and the UAE will set up an India-UAE trade policy forum to facilitate two-way trade.
The decision was taken at a meeting between the Union Commerce and Industry Minister, Mr Kamal Nath and Dr Sheikh Lubna Al Qassimi, Minister of Economy, UAE, held on the sidelines of the first India-Arab world business summit, during his recent visit to Dubai on December 7.
Both ministers agreed on the urgent need for such a consultative mechanism in order to work together on a continuing basis for expanding and deepening bilateral trade.
From the Indian side, the forum will be co-chaired by the Commerce Secretary along with the Director General of Foreign Trade (DGFT) and the joint secretary concerned of the department of commerce.
Mr Kamal Nath further announced that the first meeting of the forum should take place within the next two months in New Delhi.
The United Arab Emirates (UAE) occupies the slot of India’s top trading partner in the whole of West Asia and North Africa region, representing nearly 75 per cent of India’s exports to the Gulf Cooperation Council (GCC) countries.
Though trade volume is on increase, it does not reflect the full potential, which exists and can be further exploited to mutual advantage. During 2005-06 the non-oil trade volume stood at $ 12,904.90 million against $ 11,988.98 million in 2004-05.
The forum in being seen as a step forward in tapping the full potential that exists for greater trade and investment between India and the UAE.
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