India-UAE trade still below potential

New Delhi, May 28 (UNI) India and United Arab Emirates (UAE) today held intensive discussions to increase trade between the two countries which stood at nearly 13 billion dollars in 2005-06.

On the eve of meeting of the third India-Gulf Cooperation Council (GCC) Industrial Forum in Mumbai tomorrow, the first meeting of India-UAE Trade Policy Forum was held here today to explore the possibilities of achieving the untapped potential of trade between two countries.

The meeting of the forum was preceded by a one-to-one meeting between Commerce and Industry Minister Kamal Nath and UAE Economy Minister Sheikha Lubna Al Qasimi.

While emphasising the need for stronger partnership in trade and commerce, both the ministers noted that the partnership was still way below the potential. However, they expressed hope the ministerial level GCC-India Industrial Conference in Mumbai would provide a greater thrust to India's economic cooperation with the Gulf region as a whole.

The India-GCC Industrial Forum would also be addressed by commerce and industry ministers of Saudi Arabia, UAE and Oman.

During his interface, the Indian minister took up with his UAE counterpart, issues relating to opening of branches of Indian banks, including the State Bank of India.

Lifting ban on import of poultry products and removal of trade barriers such as registration guidelines, restrictive work permits and visa regime relating to import of pharmaceutical and chemicals and allied products to UAE figured in the talks.

UAE, on the other hand, took up the issue of anti-dumping measures of UAE products and companies by India and matters relating to establishment and implementation of Orissa alumina joint project.

UAE is India's top trading partner in the entire West Asia and North Africa (WANA) region, as it alone represents 75 per cent of India's export to GCC countries.

Indian exports to the UAE account for 6 per cent of India's global exports.

Dubai is a major trade centre of re-exports and a gateway for the entire Arab world.

UNI