\n\tNEW DELHI:\u00a0The India & Arab Countries Chamber of Commerce, Industry & Agriculture on Friday announced a new partnership with one of India\u2019s largest apex industry bodies as it seeks to foster stronger business connections and strengthen India-Arab economic cooperation.\u00a0<\/p>\n
\n\tThe IACCIA has signed a memorandum of understanding with the Associated Chambers of Commerce and Industry of India, under which both organizations committed to leverage India\u2019s expanding network of trade and economic agreements to \u201cunlock\u201d new opportunities for Indian and Arab companies.\u00a0<\/p>\n
\n\t\u201cIndia and the Arab countries actually share a heritage of a long bond; historical relations between India and the Arab world go (back) to hundreds of years. And for this reason, we believe that the trust built over the years deserves to be taken good care of and (turned into) a bridge \u2026 that together we can have an extensive network of Indian industry and Arab leaders,\u201d Dr. Waiel Awwad, IACCIA\u2019s acting secretary-general, told Arab News on Friday.\u00a0<\/p>\n
\n\t\u201cWith the India know-how and the technologies and the Arab capitals and the infrastructure, both can develop.\u201d\u00a0<\/p>\n
\n\tThe partnership comes against the backdrop of India\u2019s expanding trade ties with Arab nations, which includes the India-Oman Comprehensive Economic Partnership Agreement and the India-UAE CEPA, which came into effect in June this year and May 2022 respectively.<\/p>\n
\n\tIndian officials also launched negotiations in February for a free trade agreement with the Gulf Cooperation Council, which is India\u2019s largest trading partner bloc.\u00a0<\/p>\n
\n\t\u201cThis MoU is not merely an agreement between two institutions; it is a commitment to creating practical business opportunities that connect Indian enterprises with the dynamic markets of the Arab world,\u201d Awwad said.\u00a0\u00a0<\/p>\n
\n\tUnder the agreement, the two chambers will organize business delegations, trade missions and investment forums, facilitate meetings between Indian and Arab businesses, and promote joint ventures and technology transfer while also providing support for small businesses to access emerging opportunities across Arab markets, the IACCIA said in a statement.\u00a0<\/p>\n
\n\tThey are also encouraging closer cooperation in specific sectors, such as renewable energy, pharmaceuticals and digital technologies, and intend to use the partnership to share market intelligence.\u00a0<\/p>\n
\n\tThe IACCIA was a development of the Fifth Arab-Indian Partnership Conference in Muscat in 2016, established with the aim of advancing their economic ties through collaborations and increasing trade and investment.\u00a0<\/p>\n
\n\tThe ASSOCHAM, meanwhile, was founded in 1920 and is one of India\u2019s oldest and largest industry bodies, with around 450,000 members, most of which are medium and small enterprises.\u00a0<\/p>\n
\n\tBoth organizations shared a vision \u201cto build a stronger institutional bridge between India and the Arab world,\u201d the IACCIA said.\u00a0<\/p>\n
\n\tThe Arab world is one of India\u2019s \u201cmost important strategic economic partners,\u201d it added, citing more than $300 billion worth of India-Arab trade each year.<\/p>\n
\n\t\u201cThe region plays a vital role in India’s energy security, logistics, infrastructure development, investment flows, food security, and expanding commercial engagement with Africa and the wider Middle East,\u201d it said.\u00a0<\/p>\n
\n\t\u201cAt the same time, India’s strengths in pharmaceuticals, healthcare, information technology, manufacturing, engineering, agriculture, education and innovation present significant opportunities for deeper collaboration with Arab economies.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"NEW DELHI:\u00a0The India & Arab Countries Chamber of Commerce, Industry & Agriculture on Friday announced a new partnership…\n","protected":false},"author":2,"featured_media":723536,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-723535","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/723535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=723535"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/723535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/723536"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=723535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=723535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=723535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}