A major initiative has been taken in New Delhi to strengthen economic relations between India and Arab countries. Recently India & Arab Countries Chamber of Commerce, Industry & Agriculture (IACCIA) has been launched. This step has been taken to refurbish the old trade relations between the two regions. Many senior officials and business leaders participated in this launch event, which makes it clear that both the parties are serious about expanding the business.
How will this new decision benefit the common people and businesses?
The main function of this new chamber is to ease trade between India and the Arab world. Till now, most of the trade between these countries was in oil and gas, but now the situation will change. Through this new platform, attention will be given to areas like technology and innovation. The most important thing is that there is a plan to promote small and medium-sized businesses (SMEs) also. Minister of State for External Affairs Kirti Vardhan Singh and several ambassadors of Arab countries participated in the event.
How will membership and other rules work?
IACCIA has different levels of membership for its members so that all types of traders can join. It includes Platinum, Gold, Silver, Bronze and Basic levels, which will help traders to build their network. Business Leader Dr. Siddeek Ahmed has helped a lot in making this chamber. Apart from this, talks regarding Free Trade Agreement (FTA) between India and Gulf Countries (GCC) have also progressed. According to the Times Kuwait report, this agreement will open new avenues for businessmen from both the places in future.
