The Comprehensive Economic Partnership Agreement (CEPA), between India and the UAE which was signed on February 18 and was made effective from May 1 will augment the remittance corridor between the two countries besides creating a conducive environment to produce interoperable digital solutions, according to LuLu Financial Holdings, a topmost financial services company.
LuLu Financial Holdings, which has its headquarters in Abu Dhabi, is involved in cross-border payments and has numerous investments in the UAE and India. It operates in 11 countries and runs business deals worth more than USD 8 billion every year.
The CEPA agreement includes goods trade, service trade, and rules of origin, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures.
Adeeb Ahamed, LuLu Financial Holdings’ Managing Director, who is currently in Delhi as part of a top-level delegation from UAE visiting India told PTI that the India-UAE relation currently is at the topmost level and several UAE Companies are interested to invest in India. He further added that the aim was to build a foundation that could profit many diverse sectors such as trade, digital, goods, and services.
With the Fintech industry expanding by leaps and bounds in India and UAE, he said it was necessary to make low-cost payments for the masses, which would need larger access to critical technologies, new investments, and indigenous solutions that can allow instant cash transfer on mobile payment solutions.