NEW DELHI, 29 May 2007 — During a one-to-one meeting held yesterday between Indian Minister of Commerce & Industry Kamal Nath and the visiting Minister of Economy of the United Arab Emirates Shaikha Lubna Al-Qasimi the two 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.
They expressed the hope that ministerial Gulf Cooperation Council (GCC)-India Industrial Conference beginning in Mumbai today “would promote a greater thrust to India’s economic cooperation with the Gulf region as a whole.” The first meeting of India-UAE Trade Policy Forum followed this meeting.
The two ministers discussed a range of issues on increasing level of trade between the two countries. Nath referred to issues related to opening of branches of Indian banks in UAE, lifting of a ban on the import of poultry products and removal of trade barriers such as registration guidelines, restrictive work permits and visa regime regarding import of pharmaceuticals, chemicals and allied products. Anti-dumping measures on UAE products and companies and matters relating to successful establishment and implementation of Orissa Alumina Joint Project were taken by UAE.
In 2005-06, trade between India and UAE was at $12.9 billion. Indian exports to the UAE were valued at $8.59 billion and exports from the UAE to India were estimated at $4.31 billion during the period. The UAE is India’s top trading partner in the Middle East/North Africa region. The UAE accounts for 75 percent of India’s exports to the six GCC countries.
Nath will head the Indian delegation for a meeting between India and the GCC that is scheduled to begin in Mumbai today. The Arab delegates are expected to focus on investment opportunities in India. The conference is titled: “Gulf-India: Investment Opportunities.” Plenary sessions will focus on cooperation between India and the Gulf region in the field of energy, petrochemicals and infrastructure projects.
India’s desire to boost ties with Middle Eastern and Maghreb countries has also been marked by the recent visit of India External Affairs Minister Pranab Mukherjee to Libya, which concluded yesterday.