UAE-India CEPA on track to fulfill USD 100 bn trade by 2030: Trade ministers from India and the UAE met in Delhi to mark one year since the two countries’ Comprehensive Economic Partnership Agreement (CEPA) went into effect and to review their latest trade numbers, WAMreported. The accord went into effect in May of last year and represents the UAE’s “first-ever” two-way trade agreement and saw the elimination or reduction of tariffs on 80% of products in addition to a host of other trade benefits, the agency explained.

Bilateral trade between India and the UAE topped USD 50.5 bn during CEPA’s first full year, increasing 5.8% y-o-y, according to preliminary figures released by the UAE’s Economy Ministry. Leaders from both countries pin high hopes on the accord, with UAE Foreign Trade Minister Thani Al Zeyoudi expressing confidence that the bilateral trade agreement will see two-way trade reach USD 100 bn by 2030, according to statements cited by WAM.

Saudi Arabia + Syria discuss enhancing economic cooperation: Chairman of the Board of Directors of the Federation of Saudi Chambers Hasan Al Huwaizi and President of the Federation of Syrian Chambers of Commerce Muhammad Al Lahham discussed boosting trade by establishing economic forums on the sidelines of the Arab-China business conference held in Riyadh, Saudi Gazettereports. The two sides also express the need for exchanging visits of trade delegations between the countries, according to the newspaper.

Iran and Venezuela want to boost bilateral trade to USD 20 bn, up from USD 3 bn currently, Tasnim News reports. This came during President Ebrahim Raisi’s visit to Caracas, where he also inked several MoUs with Venezuelan President Nicolas Maduro in several sectors, including maritime transport. While no specific timeline was provided, Raisi stated that they aim to increase the level of cooperation between the two countries to USD 10 bn initially, before eventually hitting USD 20 bn.

More ships to facilitate trade between Iran + Latin America are coming: Iran’s national maritime carrier, the Islamic Republic of Iran Shipping Lines (IRISL), said it is ready to dispatch a representative based in Caracas and add more ships to facilitate trade between Iran and Latin America, Tasnimreports. The visit to Caracas marks the beginning of Raisi’s Latin American tour, which will include stops in Cuba and Nicaragua.

Background: Last year, Iran and Venezuela signed a 20-year cooperation plan encompassing various areas such as oil and defense, according to Reuters.

ALSO WORTH KNOWING-

  • Jordan + Saudi Arabia are looking to strengthen bilateral trade: The Jordanian-Saudi joint technical committee for land transport agreed to enhance bilateral cooperation in the fields of freight and passenger transport. (Petra)
  • Qatar’s Transport Minister Jassim Saif Ahmed Al-Sulaiti and Surinamese counterpart Albert Jubithana have signed an initial air services agreement as the Qatari national carrier looks to increase the number of its global destinations. (Ministry statement)
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