Officials has said at the conclusion of the 3rd Edition of LOGIX India in Dubai, that was supported by the UAE's National Association of Freight and Logistics, that the Comprehensive Economic Partnership Agreement (CEPA) signed by the UAE and India will be operational within one month, simplifying customs procedures, reducing logistics costs, and opening new opportunities for professional services (NAFL).
The three-day logistics conference came to a close with a closing ceremony at the India Pavilion at Expo 2020 Dubai, which was attended by top officials from both countries.
The Federation of Indian Export Organisations (FIEO) conducted LOGIX, which was backed by the Federation of Freight Forwarders Association in India (FFFAI) and the National Association of Freight Forwarders (NAFL).
CEPA, according to Nadia Abdul Aziz, President of the UAE's National Association of Freight and Logistics (NAFL), will enhance the UAE's logistics sector, which accounts for over 14% of Dubai's GDP.
“With CEPA in place, Indian products can penetrate the UAE market through which they can enter the GCC, Commonwealth of Independent States (CIS), Africa and beyond,” she said.
Meanwhile, NAFL and FFFAI signed a Memorandum of Understanding (MoU). The MoU covers reciprocal cooperation between the two freight forwarder federations, as well as knowledge, technology, and student internship exchanges.
“The MoU provides for trade support, empowerment of women and youth, skill development and training and exchange of students,” stated Nadia.
The CEPA, according to His Excellency Ahmed Mahboob Musabih, Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, will pave the way for a new era of joint economic growth and prosperity in the two countries, improve mutual market access, expand economic and investment opportunities, and pave the way for broader prospects.
The three-day event, held at Hotel Le Meridien Dubai, could be used by key logistics firms in India and the UAE to figure out how to boost the freight and logistics market's prospects.