Financial Daily from THE HINDU group of publications
Wednesday, Feb 25, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 25, 2004 |
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Industry & Economy
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Foreign Trade Assocham sees good potential for bilateral trade with UAE Our Bureau
New Delhi , Feb. 24 THE Associated Chambers of Commerce and Industry of India (Assocham) expects bilateral trade between India and the United Arab Emirates (UAE) to cross the $5-billion mark soon. According to the chamber, there has been a substantive increase in bilateral trade between the two countries with trade growing from about $2 billion in 1999-2000 to about $3 billion at present. India imported goods worth about $800 million from the UAE in 2002-03. The major items of India's exports to the UAE have been readymade garments including accessories, gems and jewellery, man-made yarn, fabrics, metals, marine products, machinery and instruments, and tea among other products. While the major items of import include pearls, precious/semi-precious stones, gold, metal and metal scrap, and machineries. According to Mr M.K. Sanghi, President, Assocham, since the UAE is India's top most trading partner in the entire West Asia and North Africa region, there was a tremendous scope for growth as Indian exports to the UAE accounts only for 6 per cent of India's global exports. To further explore the avenues of trade between the two countries, the Assocham and the Sharjah Chamber of Commerce (SCCI) are jointly organising a three-day conference-cum-exhibition on `India: Knowledge millennium economy' in Sharjah in the first half of April. The exhibition shall focus on information technology, BPO, tourism, and food processing. This was decided at a joint meeting with the SCCI and the Assocham at New Delhi with a view to create UAE — the gateway for business to the West Asia, European and African countries.
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