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 24-25 May, state news agency WAM reported.
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.
“The UAE-India partnership is a driver for economic growth that creates trade and investment opportunities for over 3.8 billion people," said Al Marri.
“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."
Also, Al Marri emphasised that the UAE and India present a unique comprehensive economic partnership model to the world, building on the strength of the historical and strategic relations between our two countries.
“This progress can also be attributed to the forward-looking vision of both leaderships and their continuous support to enhancing the prospects for economic and trade collaboration in various priority fields.”
Al Marri also revealed that non-oil foreign trade between the two countries grew by 24.7 percent in Q1 2023 compared to the same period in 2022. The UAE’s non-oil exports to Indian markets grew by 33 percent, while trade amounted to about AED180 billion (US$49 billion), up 10 percent from 2021.
He further explained that regional and bilateral trade agreements contribute to accelerating the growth of global trade, facilitating access to markets and the integration of companies into global value chains and boosting investment flows.
The CII Annual Conference 2023 was held under the theme “Future Frontiers: Competitiveness, Technology, Sustainability, and Internationalisation.”
It brought together global thought leaders and Indian industry experts to advance intensive dialogue on macroeconomic developments, growth, reforms, the investment climate, the future of multiple areas of importance to the global and Indian economy, digital technologies and innovation, green energy and green supply chains, and new global opportunities. The conference coincides with the India’s presidency of the G20 international forum in 2023 in New Delhi.