‘Bharat Mart’ inaugurated by PM Modi in UAE
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Doda, 14 Feb 2024: Prime Minister Narendra Modi on February 14 inaugurated ‘Bharat Mart’, a warehousing facility for Indian MSMEs, in Dubai. Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and the Ruler of Dubai was also present at the event.
This comes as the Prime Minister is currently on a two-day visit to the United Arab Emirates (UAE), where he will also inaugurate the first Hindu temple in Abu Dhabi.
What is Bharat Mart?
Bharat Mart, which is expected to be operational next year, is a warehousing facility aimed at enabling Indian companies to trade in Dubai. The purpose of Bharat Mart is to offer a unified platform for exporters to showcase their varied range of products under a single roof.
The complex will be located in the Jebel Ali Free Trade Zone in Dubai. Jebel Ali Free Zone is DP World’s flagship free zone and the largest customs bonded zone in the Middle East.
The Bharat Mart will have showrooms, offices, warehouses and supporting amenities for diverse goods ranging from heavy machinery to perishable items.
Bharat Mart initiative assumes importance as India and the UAE are striving to double their non-petroleum trade target to $100 billion by 2030 as part of the Comprehensive Economic Partnership Agreement (CEPA).
PM Modi said that Bharat Mart has the potential to play an important role in promoting exports of the micro, small and medium sectors of India by providing them an effective platform to reach out to international buyers in the Gulf, West Asia, Africa, and Eurasia.
After the establishment of this distribution facility, importers near the UAE may also visit the facility to buy made-in-India products.
Indian companies that have plans to expand their operations in Europe, Africa and the US are expected to benefit from the facility.
India and the UAE have signed 10 agreements to collaborate in areas such as energy, infrastructure, investments, and archive management. The UAE is one of India’s closest strategic and energy partners in West Asia, and trade was boosted by the signing of a free trade agreement (FTA) in 2022.
A new memorandum of understanding (MoU) on cooperation in electrical interconnection and trade will open up new areas of collaboration in energy, including energy security.
The two sides signed separate agreements for linking their instant payment platforms – India’s Unified Payment Interface (UPI) and the UAE’s AANI – and their domestic debit and credit cards, India’s RuPay with the UAE’s Jaywan.
