Dubai launches programme to promote trade with India

In a bid to promote bilateral trade realtions with India, Dubai's Department of Economic Development has launched a programme that allows commercial disputes to be resolved quickly at minimal costs.

Dubai Exports, the economic development department's promotion agency, launched the initiative 'Buyer Protection Programme', designed by the Commercial Compliance and Consumer Protection (CCCP), as a pilot project through its Overseas Trade Office in India.

The programme allows commercial disputes to be resolved quickly and at minimal costs. Traders in India can now approach the Dubai Exports representative office in their country to submit complaints following which CCCP will start working towards an amicable settlement, a statement released by the UAE's official news agency Wam said.

The launch of the programme in India comes within a week of the joint statement made by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prime Minister Narendra Modi to develop a medium and long term strategy for increasing bilateral trade by 60 per cent over the next five years.

There would be a focus 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, the statement said.

"The historic trade relations between the UAE and India are entering a new phase of dynamic and sustainable engagement with the leadership in both countries determined to work closer on optimising their respective strengths," said Saad Al Awadi, CEO of Dubai Exports.

"Government entities in Dubai are committed to see that this new flourish is founded on a solid platform of exemplary practices and greater efficiencies," Al Awadi said.

Data for the first nine months of 2016 show that trade between India and Dubai was over 70 billion dirhams (USD 19.1 billion)

Currently, imports from India to Dubai account for 60 per cent of the total trade value while exports from the emirate are 12 per cent and the rest is re-exports. The largest export from Dubai to India is gold, which accounts half the value, followed by copper wires, base metals and polymers.

"The India office is an important initiative to aid them in penetrating and showcasing their products and expertise to their target markets," Al Awadi said.

"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," he said.

Mohammed Lootah, the CEO of CCCP, said: "Under the BPP 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." Dubai Exports already has six overseas trade offices in Saudi Arabia, Egypt, Brazil, Russia and Germany, in addition to India.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)