In a bid to further strengthen economic ties and foster mutual growth, the Joint Arab-Indian Chamber of Commerce is on the brink of establishment, as announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference held in New Delhi. This landmark development marks a significant milestone in the growing collaboration between India and Arab nations, heralding a new phase of promising economic changes.
The “Delhi Declaration” emphasized the importance of close cooperation between India and Arab countries in various sectors of mutual interest, aiming to facilitate the exchange of knowledge and expertise. The proposed Joint Arab-Indian Chamber of Commerce will play a crucial role in this endeavor. The decision to establish the Chamber was reached during a previous session of the India-Arab Partnership Conference held in Muscat.
Both sides have expressed their enthusiasm for activating the Joint Arab-Indian Chamber of Commerce in the near future, echoing the recommendation made in the “Muscat Declaration.” The establishment of this new entity is expected to serve as a key facilitator in boosting bilateral trade and investment between the Arab League and India, fostering economic growth and cooperation.
The India-Arab Partnership Conference is the result of a Memorandum of Cooperation signed between the Arab League and India in December 2008. This collaborative framework established the Arab Indian Cooperation Forum, responsible for organizing the Partnership Conference alternately in India and an Arab country.
Recognizing the influential role played by the Arab League member states in the global economic landscape, the Delhi Declaration highlights the myriad opportunities for economic partnership. Attendees of the conference commended India’s G20 Presidency and expressed appreciation for the upcoming G20 summit, scheduled to be hosted by India in September 2023. India’s active engagement in addressing critical global economic issues, such as financial stability, climate change mitigation, sustainable development, resilient supply chains, and economic decentralization, was lauded by participants.
Looking ahead, the next Arab-Indian Partnership Conference is slated to take place in Jordan in 2025, providing another platform for furthering discussions on strengthening economic ties and exploring new avenues for collaboration.
With the establishment of the Joint Arab-Indian Chamber of Commerce, India and Arab countries are poised to unlock the immense potential for trade and investment, paving the way for a prosperous and mutually beneficial partnership in the years to come.
