UAE
How trade pact with UAE will boost presence of Made-in-India medicines in the Middle East
The pact between India and the United Arab Emirates (UAE) to boost bilateral merchandise trade is likely to expand the presence of Made-in-India medicines in Middle Eastern countries, chief of the central government’s pharma export arm has told News18.com.
Both countries have signed a Comprehensive Economic Partnership Agreement (CEPA) with the aim of increasing bilateral merchandise trade to $100 billion by 2030. Pharmaceuticals is one of the products that has been included in the vortex of CEPA.
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The pact, which is claimed to be the first trade agreement India has made with a major trading partner in over a decade, eases out the conditions of drug approvals in the UAE.
The process of approval for any dossier filed by Indian drug makers in UAE – to sell their medicines in their market – took up to 24 months but now, it will be approved in 90 days.
The new clause applies to Indian companies who have facilities approved by eight drug regulators, including those of the US FDA, European Medical Agency, UK’s MHRA, TGA-Australia and Health Canada.
The reason behind India’s limited entry into the UAE market was its high consumption of patented drugs – innovative and expensive products – which are supplied by the developed countries, including the US and Europe.
While India leads the globe in manufacturing of generic medicines, UAE is bracketed among the top three high priced countries, the other two being the US and Germany. It spends $343 per capita (Rs 26,068 each person, on an average) on purchasing medicines.
In 2020, the data shows, the pharmaceutical market of the UAE was estimated at $3.5 billion (Rs 26,600 crore). It was further trifurcated into patented drugs, generic drugs and OTC market. However, the demand for patented drugs was highest, capturing around 68% of the total pharmaceutical market followed by 18% generic drugs and 14% OTC drugs.
HOW UAE ENTRY CAN SHARPEN INDIA’S ACCESS TO OTHER KEY MARKETS
The industry calls the UAE “a gateway” to several other countries, including the Gulf Cooperation Council (GCC) Iran, Iraq and Africa. The GCC consists of Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
“While UAE is an unexplored and huge market for India, it’s more attractive because of the possibility of re-exports, hence a wider reach of Indian drugs in other markets,” R Uday Bhaskar, director general of Pharmaceutical Export Promotion Council (Pharmexcil), an arm under Ministry of Commerce and Industry told News18.com.
It means that the UAE first imports and then exports drugs to other countries. Hence, tapping into the UAE market will give access to multiple countries.
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According to the data by Pharmexcil, the GCC countries import drugs worth $15 billion (Rs 1,14,000 crore), out of which $4.6 billion (Rs 34,900 crore) is generic drugs – the type in which India leads the globe. Presently, in the financial year 2020-21, India exported around $492 million (Rs 3,739 crore) which is just 2% of the available generic market.
“There is a huge scope of market penetration by India drug-makers,” Bhaskar said.
Bangladesh envoy to UAE gets 1 year extension
The government has extended the tenure of Md Abu Zafar as Bangladesh Ambassador to the United Arab Emirates (UAE) by one year on contractual basis.
The Public Administration Ministry has issued a gazette notification saying the new appointment will be effective from March 1 this year or date of joining.
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Meanwhile, journalist Sabrina Karim Murshed has been appointed as the first secretary at Bangladesh High Commission in Singapore for a period of three years on contractual basis, according to separate gazette notification.
Zafar, who served as Bangladesh Ambassador to Austria and Permanent Representative to the United Nations Offices in Vienna, was appointed as Bangladesh Ambassador to the UAE in February, 2020.
Zafar joined the Bangladesh Civil Service (BCS) Foreign Affairs cadre in 1991.
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In his diplomatic career, he also served in Bangladesh missions in The Hague, Karachi, Los Angeles, Dubai and different wings at the headquarters in various capacities.
Zafar obtained his BSc (Honours) degree in Agriculture from Sher-e-Bangla Agriculture University and MBA in Banking in Finance from Preston University, the USA (Overseas Campus) as well as Post Graduate Diploma in International Relations from the International Institute of Public Administration (IIAP), Paris.
Bangladesh, UAE review ties ahead of PM’s planned visit in March
Bangladesh and the United Arab Emirates have reviewed the bilateral relations ahead of expected visit of Prime Minister Sheikh Hasina to the UAE in March as the two countries eye to elevate the relationship to a comprehensive partnership.
The Prime Minister will visit the UAE at the invitation of her UAE counterpart and the Ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum.
Foreign Minister Dr AK Abdul Momen held a bilateral meeting with the UAE Foreign Minister Abdullah-bin-Zayed Al Nahyan in Dubai on Sunday and discussed the issues of mutual interest and upcoming visit.
Also read: Bangladesh seeks investment from expatriate business community in UAE
Dr Momen congratulated the UAE leadership and people on their 50th anniversary of their nationhood while appreciating the spectacular achievements during the last five decades.
Two Foreign Ministers agreed to organize some special events to mark the twin golden jubilee of nationhood of Bangladesh and UAE, said the Ministry of Foreign Affairs on Monday.
Both the Foreign Ministers recalled the existing excellent bilateral relations between the two countries and underlined the need to work together in all areas of cooperation to the mutual benefits of the two peoples.
Among the issues, they highlighted mutual commitment to deeper political engagement, cooperation in trade, commerce, investment and economic areas, enhanced air and maritime connectivity especially establishing direct shipping links between the two countries’ seaports and introducing direct cargo flights to maintain seamless and uninterrupted supply chains.
Both the Foreign Ministers also agreed to explore new contours of collaboration in the field of agriculture and food security, culture, cooperation in the field of science, innovation and technology with focus on ICT, IoT and digitalization in order to elevate the relationship to a comprehensive partnership.
Also read: FM to visit UAE from Feb 10-13 to attend series of events
The two Foreign Ministers also exchanged views on the regional and multilateral cooperation between the two countries.
Dr Momen briefed the UAE Foreign Minister of the situation arising out of the forcibly displaced Myanmar nationals currently sheltered in Bangladesh and sought continued cooperation and support of the UAE for an early resolution of the crisis.
He extended an invitation to the UAE Foreign Minister to visit Bangladesh at his convenience which was graciously accepted by Abdullah bin Zayed Al Nahyan.
Foreign Minister Dr Momen led a seven-member delegation to the UAE on a bilateral visit from February 10-13.
During his stay in Abu Dhabi, Dr Momen also met the Director General, IRENA and attended several programmes including the Bangladesh Business Council meeting in Dubai and seminar organized at Dubai EXPO 2020 by Bangladesh Tourism Board, seminar at Emirates Centre for Strategic Studies and Research, in Abu Dhabi.
He also inaugurated the Bangabandhu Corner at Bangladesh Consulate, Dubai and visited a Skill Development Centre for Bangladeshi workers there.
Bangladesh seeks investment from expatriate business community in UAE
Foreign Minister Dr AK Abdul Momen has urged the expatriate Bangladeshi business community in the United Arab Emirates (UAE) to invest in Bangladesh and help the country to grow further.
"Bangladesh has now become a land of opportunity from the cliché of a so-called bottomless basket," said Dr Momen while addressing a business meeting hosted by Bangladesh Business Council (BBC) at a local hotel in Dubai as the chief guest.
He recalled the tireless contribution of the expatriate workers in collective achievement of Bangladesh while terming them as heroes.
The foreign minister called upon the CIPs and businessmen to take advantage of the business-friendly environment prevailing in Bangladesh and urged them to share the country’s achievements to the global community.
The meeting, held on Friday, was chaired by Mahtabur Rahman, President of Bangladesh Business Council, Dubai.
The programme included a thematic seminar on "Role of NRBs" in the implementation of economic and public diplomacy and a reception.
Also read: Bangladesh, US keen to further strengthen ties with greater engagements
Dr Momen handed over the crests to the new recipients of 26 CIPs awarded last year.
Bangladesh Ambassador to the UAE Md. Abu Jafor and Consul General of Bangladesh Consulate in Dubai were present in the meeting as special guests.
The Foreign Minister paid deep tribute to Bangabandhu Sheikh Mujibur Rahman, Father of the Nation, for his unique contribution to the national history: an independent national identity- a state and ‘a dream of transformation of the newly born state’s socioeconomic conditions’.
He highlighted the country’s remarkable transformation from the identity of a food deficit country to a food-surplus one under the dynamic leadership of Prime Minister Sheikh Hasina.
Reduction of absolute poverty through the social safety net program and ensuring home for the homeless--the Ashrayan project are other additions to the many success stories of Bangladesh, he added.
Dr Momen also apprised the gathering about the measures undertaken by the government during the COVID-19 pandemic for the welfare of the expatriate community.
Recalling his continuous engagements with his counterparts in securing safety and interests of Bangladesh community abroad, he elaborated the measures undertaken in this context.
Also read: Bangladesh promotes culture of peace: FM
He underlined the need of opening the new window of economic diplomacy stating that the new canvas would open up scope and expanse of investment opportunities, enhancement of trade, export etc. gainful employment of people, as well as knowledge- based technology and skills in the country’s economy.
Mahtabur Rahman, founder Chairman of the Bangladesh Business Council and Chairman of the NRB Bank, urged the government to step up efforts to establish a direct shipping link between Chittagong and Dubai.
He also sought government’s cooperation in allocating an Exclusive Economic Zone for the CIPs.
The Foreign Minister assured the business community of their possible integration to the country’s development processes.
The Foreign Minister is now leading a 10- member delegation to the UAE on a bilateral visit from February 10-13.
Earlier, he addressed a seminar on "Bangabandhu’s Vision for World Peace and Security: Its relevance in Today’s World" at the Emirates Centre for Strategic Studies and Research in Abu Dhabi.
The delegation included among others, Mashfee Binte Shams, Secretary (East), Iqbal Hussain Khan DG (West Asia) from the Ministry of Foreign Affairs, Dhaka.
FM to visit UAE from Feb 10-13 to attend series of events
Foreign Minister Dr AK Abdul Momen is scheduled to leave here for the United Arab Emirates (UAE) on Wednesday night to attend a series of programmes apart from a bilateral meeting with his UAE counterpart.
The Foreign Minister will visit Bangladesh Pavilion on February 12 and UAE Pavilion on February 10 at the Expo 2020 in Dubai.
The Expo 2020 is currently hosted by Dubai in the United Arab Emirates from October 1, 2021 to March 31, 2022.
The bilateral meeting with the UAE Foreign Minister will be held on Saturday, said an official referring to Dr Momen’s tentative programme schedule.
READ: Want to flourish trade, economic ties more with global partners: FM
He will also attend the UK National Day reception to be held at the UK Pavilion in the Expo 2020 on Thursday. The Foreign Minister will attend the Commonwealth reception at the UK Pavilion the same day.
Dr Momen will deliver a speech on Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s vision for “World Peace and Security: Its Enduring Relevance Today” at the Emirates Center for Strategic Studies and Research in Abu Dhabi on Friday morning.
He will have a meeting with Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA) at its headquarters in Abu Dhabi on Friday afternoon.
READ: Bangladesh's success now an eyesore for some: FM
On Saturday morning, the Foreign Minister will attend a seminar titled “Explore Mujib’s Bangladesh: A Hidden Gem of Tourism in South Asia” to be held at Bangladesh Pavilion which is showcasing cultural history and socio-economic development.
Dr Momen is scheduled to return home on Sunday night wrapping up his four-day visit.
US-Bangla launches Dhaka-Sharjah flights
Private carrier US-Bangla Airlines launched direct flights to the UAE's Sharjah at 9pm Sunday from Hazrat Shahjalal International Airport in Dhaka.
Initially, US-Bangla will operate flights on the Dhaka-Sharjah-Dhaka route six days a week.
The flights will leave Dhaka at 9pm daily, except Saturday, and reach Sharjah at 12.30am (local time).
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The return flights will leave Sharjah for Dhaka on Tuesdays, Wednesdays and Fridays at 1.30am (local time) and reach Dhaka at 8am.
The flights will also leave Sharjah for Chattogram at 1.30am on Mondays, Thursdays and Saturdays, and land in the port city at 8am.
US-Bangla started operating flights to the UAE's Dubai on February 1 last year.
UAE says it intercepts 2 ballistic missilles over Abu Dhabi
The United Arab Emirates intercepted two ballistic missiles targeting Abu Dhabi early Monday, its state-run news agency reported, the latest attack to target the Emirati capital.
A spokesman for Yemen’s Houthi rebel militia later said they had launched attacks targeting both the Emirates and Saudi Arabia, without elaborating.
The attack on Abu Dhabi, after another last week killed three people and wounded six, further escalates tensions across the Persian Gulf as Yemen’s yearslong civil war grinds on.
That war, pitting Iranian-backed Houthi rebels against a Saudi-led coalition, has become a regional conflict as negotiations continue over Tehran’s tattered nuclear deal with world powers. The collapse of the accord has sparked years of attacks across the region.
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The state-run WAM news agency said that missile fragments fell harmlessly over Abu Dhabi.
The Emirates “is ready and ready to deal with any threats and that it takes all necessary measures to protect the state from all attacks,” WAM quoted the UAE Defense Ministry as saying.
Videos posted to social media show the sky over the capital light up before dawn Monday, with points of light looking like interceptor missiles in the sky. The videos corresponded to known features of Abu Dhabi.
The missile fire disrupted traffic into Abu Dhabi International Airport, home to the long-haul carrier Etihad, for about an hour after the attack.
A Houthi military spokesman did not immediately respond to questions from the AP on Monday’s attack. Mohammed Abdul-Salam, a Houthi spokesman, later tweeted: “The Yemeni armed forces will reveal, in the coming hours, details of a military operation in the UAE and Saudi Arabia.”
The U.S. Embassy in Abu Dhabi later issued a security alert to Americans living in the UAE, warning citizens to “maintain a high level of security awareness.” The alert included instructions on how to cope with missile attacks, something unheard-of previously in the UAE, a tourist destination home to skyscraper-studded Dubai and its long-haul carrier Emirates.
The attack came a week after Yemen’s Houthi rebels claimed an attack on the Emirati capital targeting the airport and an Abu Dhabi National Oil Co. fuel depot in the Mussafah neighborhood.
New, high-resolution satellite photographs obtained by The Associated Press from Planet Labs PBC showed repair work still ongoing at the fuel depot Saturday. Emirati officials have not released images of the attacked sites, nor allowed journalists to see them.
In recent days, a Saudi-led coalition that the UAE backs unleashed punishing airstrikes targeting Yemen, knocking the Arab world’s poorest country off the internet and killed over 80 people at a detention center.
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The Houthis had threaten to take revenge against the Emirates and Saudi Arabia over those attacks. On Sunday, the Saudi-led coalition said a Houthi-launched ballistic missile landed in an industrial area in Jizan, Saudi Arabia, slightly wounding a foreigner.
The hard-line Iranian daily newspaper Kayhan, whose editor-in-chief was appointed by Supreme Leader Ayatollah Ali Khamenei, just Sunday published a front-page article quoting Houthi officials that the UAE would be attacked again with a headline: “Evacuate Emirati commercial towers.”
The newspaper in 2017 had faced a two-day publication ban after it ran a headline saying Dubai was the “next target” for the Houthis.
U-19 Asia Cup: Bangladesh emerges group champion to reach semifinal
Bangladesh emerged group champion to reach the semifinals of the U-19 Asia Cup Cricket as their last match with Sri Lanka has been called in the UAE on Tuesday.
In the semifinals on Thursday, Bangladesh will play India and Pakistan will face Sri Lanka.
Read:Sunzamul bags eight to help North Zone register first win
The match was called off on Tuesday as a couple of match officials tested positive for Covid-19 .
At that time, Bangladesh were batting at 130 for four in 32.4 overs.
Both Bangladesh and Sri Lanka teams will now undergo a Covid-19 test.
Read:Tour match: New Zealand X1 score 71 for 5 against Bangladesh on day-1
In their first two matches, Bangladesh beat Nepal and Kuwait by the big margins of 154 and 227 respectively.
After the Asia Cup, the Bangladesh team will travel to the West Indies to take part in the next U-19 World Cup.
Asia Cup: Junior Tigers to leave Dhaka this evening
Bangladesh U-19 cricket team is all set to leave Dhaka for the UAE this evening to take part in the U-19 Asia Cup. After this event, the Junior Tigers will fly to the West Indies to take part in the ICC U-19 World Cup as the defending champions.
In the World Cup, slated to be played between January 14 and February 5, Bangladesh will face Canada, the UAE and England in Group A.
Read: Tigers out for preparation in New Zealand
“We have to play well to win matches against any opponent, and at this level, there is no big or small opponent. We have to play well against every team to do well,” Rakibul Hasan, Bangladesh’s captain, told the media.
Rakibul was part of Bangladesh team when they won the World Cup in 2020 in South Africa.
Bangladesh have recently played a series against India U-19 A and B team, and won the series. Rakibul believes that win will help them to do well in the Asia Cup and in the World Cup.
Squad: Rakibul Hasan (Captain), Prantik Nawrose Nabil (Vice-Captain), Mahfijul Islam, Iftakhar Hossain Ifti, SM Meherob Hasan, Aich Mollah, Abdulla Al Mamun, Gazi Mohammad Tahjibul Islam, Ariful Islam, Md Fahim, Mohammad Musfik Hasan, Ripon Mondol, Md Ashiqur Zaman, Tanzim Hasan Sakib, Naimur Rohman Noyon
Read: Akram Khan set to resign from his BCB post, reveals family
Traveling Reserves: Ahosun Habib Leon, Jishan Alam, Stand By: Mohiuddin Tareq, Tawhidul Islam Ferdus, Shakib Shahriyer, Golam Kibria
UAE commits $100b for investment and infrastructure creation in India
India’s Minister for Commerce and Industry, Piyush Goyal, discussed the opportunities with industry leaders to expand their global footprint by leveraging business platforms and infrastructure offered by the UAE, reports Gulf News.
Dubai’s DP World presented the market expansion opportunities it offers to Indian businesses and exporters, the Ministry of Commerce and Industry said in a press release.
The firm is setting up India Mart Traders Market, a dedicated market for Indian businesses which would enable traders and manufacturers to trade with the UAE local market and regional market. The potential offered by Dubai’s Jebel Ali Free Zone (Jafza), one of the world’s leading free trade zones, was also presented to the Indian industry, according to the release.
Read: Indian man beaten to death inside historic Sikh temple
Speaking about the immediate UAE opportunity presented by DP World and the Government of UAE, Goyal said “We are looking for this to become a $10 billion opportunity for India also showcase Brand India on the global stage.”
India eyes GCC markets
Industry representatives welcomed the initiative and offered their ideas and suggestions to leverage its potential. Goyal added that the goal is to become number one trading partner of UAE. The Minister said “UAE is a gateway to Gulf Cooperation Council and all of Africa”
The Minister thanked the exporters for participating in the deliberations to create a roadmap for expanding Indian exports not only to UAE but also using UAE as a springboard, to expand exports to GCC and other markets in Africa and elsewhere.
The Union Minister shared the highly favourable outcomes which can be expected from the India-UAE Free Trade Agreement, which is in the advanced stages of negotiation and finalisation. “There is a lot of good news coming up, across several sectors, as we negotiate and finalise the FTA with the UAE.”
UAE-India Free Trade Agreement
The Minister shared three examples reflecting India-UAE friendship. “For the first time ever, UAE allotted land for India to set up a temple. This is remarkable as UAE is celebrating 50th year of its formation and India is celebrating its 75th year of Independence. Secondly, UAE has committed $100 billion for investment and infrastructure creation in India. And thirdly, the UAE-India FTA will be India’s fastest negotiated FTA and the fastest-negotiated Comprehensive Economic Partnership Agreement (CEPA) ever between two nations, which also gives the maximum opportunity to India.”
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Addressing the exporters and industry, Group Chairman & CEO DP World, Sultan Ahmed Bin Sulayem, spoke about the UAE market and the opportunities available there for Indian products. “The Jebel Ali Economic Zone has hundreds of warehouses suitable for any trader who would like to see and feel the market. The time is right for India to seize the opportunity in the world market. There is a huge shortage everywhere, which India can fill.”
DP World official, Abdulla Al Hashmi presented to the industry the potential offered by the twin projects India Mart Traders Market and Jebel Ali Free Zone. Speaking on the occasion he said, “We want to support Made in India products to be exported to the world.”