NAFL, FFFAI sign MoU for training, women, and youth empowerment
The pivotal Comprehensive Economic Partnership Agreement (CEPA) signed by the UAE and India will be operational within one month, by latest end April 2022, reliable sources have pointed out.
The mega agreement will simplify customs procedures, reduce logistics cost and open new opportunities for professional services, officials said at the closing of the 3rd Edition of LOGIX India, in Dubai, supported by the UAE’s National Association of Freight and Logistics (NAFL).
The three-day logistics conference concluded with a valedictory session at the India Pavilion at Expo 2020 Dubai addressed by top officials from both the countries.
LOGIX was organized by the Federation of Indian Export Organisations (FIEO) and supported by Federation of Freight Forwarders Association in India (FFFAI) and NAFL.
Nadia Abdul Aziz, President of the UAE’s National Association of Freight and Logistics (NAFL) said CEPA will boost UAE’s logistics sector which contributes more than 14% to 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 added
Meanwhile, a Memorandum of Understanding (MoU) was signed between NAFL and FFFAI. The MoU covers mutual cooperation of the two federations of freight forwarders, exchange of knowledge, technology and exchange of students for internship.
“The MoU provides for trade support, empowerment of women and youth, skill development and training and exchange of students,” said Nadia.
New era of growth
Earlier, Ahmed Mahboob Musabih, Director General, Dubai Customs and CEO, Ports, Customs and Free Zone Corporation, said that the CEPA will pave the way for a new era of joint economic growth and prosperity in the two countries, improves mutual access to markets, enhances economic and investment opportunities and paves the way for broader prospects.
According to industry professions, the Agreement, endorsed by HH Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Dubai and Deputy Supreme Commander of the UAE Armed Forces and Indian Prime Minister Narendra D. Modi in a recent virtual meet, will simplify customs procedures, reduce logistics cost, open new opportunities, create jobs
It must be noted that India has now crossed the US$ 400bn benchmark in annual exports. Key Logistics players in India and UAE utilized the recently concluded the three-day meeting, to work out ways and means to improve the prospects of the freight and logistics market and deliberate on a wide number of issues.