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CEPA will deepen existing businesses between India and UAE: HUL
India and UAE have signed a comprehensive economic partnership agreement to boost bilateral trade at the ongoing expo in Dubai. From the sidelines of the mega event, CNBC-TV18’s Ashmit Kumar caught up with HUL MD and CEO, Sanjiv Mehta and asked him about why this agreement is signed and its impact on business.
India and UAE have signed a comprehensive economic partnership agreement to boost bilateral trade at the ongoing expo in Dubai. From the sidelines of the mega event, CNBC-TV18’s Ashmit Kumar caught up with HUL MD and CEO, Sanjiv Mehta and asked him about why this agreement is signed and its impact on business.
Mehta said, “India and UAE are natural trading partners. For UAE, this is the first Comprehensive Economic Partnership Agreement (CEPA) they have entered into with any country and I am delighted that it’s with our country.”
Talking about the agreement, he said, “I see it from two lenses. One would be the deepening of existing businesses; the traditional businesses that we do. The other is the widening of the business, getting into new sectors.”
According to him, for India, UAE is a gateway to West Asia, North Africa and Sub-Saharan Africa and through this, India and UAE can partner in new-age technology.
On commodity price surge, he said, “There were many commodities where the prices were going up even before the geopolitical crisis in Russia and Ukraine and that was linked in some way to the pandemic (COVID-19), with supply chain disruptions which were happening and this crisis has exacerbated the situation.”
Therefore, said Mehta that inflation and hike in commodity prices is certainly a cause of concern.
For more details, watch the accompanying video
First Published: Mar 30, 2022 9:26 AM IST
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