Dubai, United Arab Emirates: The United Arab Emirates and India have signed a pioneering trade agreement under the name “The Comprehensive Economic Partnership Agreement between the UAE and India”. This agreement falls under the umbrella of free trade and is the first trade agreement that India has signed with a major trading ally in more than a decade. This agreement includes the launch of a seed funding process for start-ups between India and the UAE, an initiative that paves the way for investments from the UAE towards Indian start-ups. Golden Brokers continues to analyze how this deal will affect economies in the region.
The UAE phased funding will provide India’s in-depth expertise and give a financial boost to Indian startups forming in the UAE. Recently, Indian Minister of Commerce and Industry Piyush Goyal stated that a large number of start-ups are emerging in the UAE, with more than 65,000 start-ups and 100 unicorns registered with the ministry. This will create additional job opportunities and attract greater investment into many sectors, including financial services, industrial production, food security, logistics and entrepreneurship.
The memorandum of understanding associated with this deal states that a minimum of 50 startups will be selected from India and the UAE over the next five years, with the goal of growing at least 10 startups into unicorns by 2025. This will create a thriving ecosystem For start-ups, investors and entrepreneurs to strengthen their position in the international market.
The “Golden Brokers” notes that the feasibility of the FTA faces challenges posed by several factors. Primarily, global macroeconomic instability, market volatility and rising consumer prices pose a challenge to the effective implementation of this Agreement and the achievement of the desired results. And if any additional complications loom, the hopes for this agreement may dwindle. Recently, investors have been reluctant to embark on risky journeys, as start-ups are categorized as both high-risk and high-return investment opportunities.
Despite this, the two countries are efficiently facing the unfavorable market conditions through this deal. From a macroeconomic point of view, a free trade agreement will help the two countries combat a potentially oncoming global recession.
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