Bilateral trade between India and Dubai has received a shot in the arm after Dubai’s Department of Economic Development launched a programme early this year to allow commercial disputes between the trading entities of the two countries to be resolved quickly at minimal costs.
The initiative was the brainchild of Dubai Exports, the trade promotion agency of the Department of Economic Development. Nicknamed ‘Buyer Protection Programme’, this dispute resolution mechanism has been designed by the Commercial Compliance and Consumer Protection (CCCP), as a pilot project through Dubai Exports Overseas Trade Office in India. Dubai Exports already has six overseas trade offices in Saudi Arabia, Egypt, Brazil, Russia and Germany, in addition to India.
In the months following the launch of the programme, leading industry bodies and trade associations from across India have joined and lent their support to this unique trade facilitation and dispute resolution platform. Among the names to have come on board are C I I , P H D Chamber Of Commerce, F I F I, M S M E, F I C C I, F I E O, E C G C and leading trade and professional associations, all of whom feel that the step by Dubai Exports will go a long way in boosting trade between the two countries.
According to Mohd AL Kamali, Dy CEO of Dubai Exports, “Government entities in Dubai are committed to see this platform flourish on the back of exemplary practices and greater efficiencies.”
Says Mohammed Lootah, CEO of CCCP, “We are optimistic that the Buyer Protection Program will open avenues for Dubai-based companies to further boost their exports not only in India but also to other neighboring countries.”
Under the Buyer Protection Programme, a firm in India can use the Dubai Exports offices to lodge a complaint against a Dubai supplier. Once all the evidence has been provided, the CCP will ensure that the matter is amicably resolved usually within ten working days.
Through these kinds of initiatives, the two countries are focusing on identifying potential sectors and the impeding tariff and non-tariff barriers, exploring opportunities in services sector and formulating a sector-specific strategy to boost two way trade and investments.
In recent years, Dubai has played a key role in the distribution of food with over 70 per cent of the total UAE food imports re-exported to more than 160 countries, including India. India is an important partner of the Middle East market both in terms of exports and imports. India’s economic dynamism along with the size and diversity of tastes automatically make India a highly promising market for the foods sector Cashew Nuts, Coffee, Rice, Sugar, Pulses, Fruits, Meat, Fish & Vegetables, Dates, Figs are some of the food products re-exported out of Dubai.
It is expected that the historic trade relations between the UAE and India are now set to ente a new phase of dynamic and sustainable engagement with the leadership in both countries determined to work closer on optimizing their respective strengths.