BHARAT MART and UAE: Export Trade & Commerce vs World Market for India based businesses

The establishment of Bharat Mart within the Jebel Ali Free Zone (JAFZA) in Dubai, announced during the World Governments Summit, is a significant development in the economic relations between the UAE and India. Bharat Mart aims to provide a world-class trading platform for Indian manufacturers and exporters to access global markets, with the ambition to contribute to the goal of reaching $100 billion in non-oil bilateral trade by 2030. This initiative aligns with governmental efforts such as "Make in India" and Dubai's D33 agenda, aiming to create more opportunities for Indian manufacturers.

?Bharat Mart is designed to serve as a distribution center for Indian businesses, facilitating trade within the UAE and re-exporting to regional and global markets. It will offer Indian SMEs a platform to export their cargo to new markets through direct connectivity to over 150 maritime destinations and air links to more than 300 cities. The facility, strategically located near Jebel Ali Port and Al Maktoum International Airport, will feature 1,500 showrooms for retail and wholesale customers, and offer more than 6.5 hectares of Grade-A warehousing space.

?The broader context of this development is the Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE in 2022. This agreement has already shown tangible benefits, with tariffs eliminated on more than 10,000 products and services over the next 10 years. CEPA aims to boost non-oil trade between the two countries to $100 billion by 2030, a significant increase from $60 billion two years ago. Jafza, with its India-UAE Bridge initiative, plays a crucial role in this context, aiming to reduce shipping costs and times, and create new business opportunities in sectors like manufacturing, food and beverage, pharmaceuticals, and healthcare.

?For Indian businessmen, particularly those based in India, these developments offer a myriad of opportunities. The Bharat Mart and the CEPA agreement facilitate easier access to the Middle Eastern, European, and African markets through Dubai's strategic location and advanced logistics infrastructure. Indian businesses can benefit from reduced trade barriers, enhanced export opportunities, and a streamlined process for entering new markets. Additionally, the emphasis on sectors like manufacturing and healthcare underlines the potential for Indian companies to expand their global footprint significantly, leveraging the UAE as a gateway to broader international trade networks.

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