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| Bharat Mart: Transforming India-UAE Trade Relations |
On February 15th, 2024, Prime Minister Narendra Modi, alongside Sheikh Mohamed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, initiated the establishment of ‘Bharat Mart’ within the prestigious Jebel Ali Free Trade Zone.
Bharat Mart, a collaborative effort between DP World, a Dubai-based logistics powerhouse, and India’s commerce ministry, aims to bolster exports from Indian small and medium-sized enterprises (SMEs) by providing them with enhanced access to international markets.
Key Features of Bharat Mart:
- Hybrid Indian Marketplace: Serving as a blend of wholesale and retail platforms, Bharat Mart offers Indian manufacturers, traders, and exporters a gateway to global markets.
- Strategic Location: Situated within the Jebel Ali Port and Free Trade Zone, Bharat Mart benefits from excellent logistics connectivity, positioning it as a dedicated global hub for Indian goods.
- Target Export Markets: With a focus on West Asia, Africa, and Eurasian markets, Bharat Mart leverages UAE’s status as a key trans-shipment center to bolster Indian exports.
- Diverse Product Range: Thousands of Indian SMEs across sectors such as agriculture, textiles, and gems & jewellery will showcase their products at Bharat Mart, utilizing allocated exhibition complexes and warehousing facilities.
- Developed by DP World: DP World, a leading multinational in logistics, will construct, operate, and maintain Bharat Mart as part of a substantial UAE investment in India’s logistics and infrastructure.
- Operational Timeline: The Bharat Mart facility in Dubai is slated to be operational by 2025, promising significant economic impact.
Strategic Bilateral Cooperation:
- Boost to CEPA: Bharat Mart aligns with the Comprehensive Economic Partnership Agreement (CEPA) signed between India and UAE in 2022, fostering greater bilateral trade.
- Building on Recent Pacts: It complements recent agreements such as the bilateral investment treaty and initiatives like RuPay-JAYWAN interlinking for digital payments enablement.
- Wide-Ranging Discussions: Prime Minister Modi and Sheikh Mohamed bin Rashid discussed cooperation in trade, space, education, culture, and technology, underscoring recent advancements.
Inviting UAE Investments:
Prime Minister Modi highlighted India’s economic opportunities, inviting increased UAE investments in infrastructure and growth sectors. The groundbreaking for Bharat Mart symbolizes a significant milestone in transforming trading links between the two nations.
Overall, Bharat Mart stands as a testament to the strengthened economic ties and collaborative efforts between India and the UAE, poised to drive mutual prosperity and growth.