#India #UAE #Mumbai #Global Economic Cooperation

United Arab Emirates Strengthens Global Economic Ties in Mumbai

The inaugural Global Economic Cooperation (GEC) 2026 forum kicked off in Mumbai this week, showcasing a pivotal collaboration among world leaders aimed at shaping the future of global economic relations. Spearheaded by the Future Economic Cooperation Council (FECC), the event has witnessed participation from senior government officials, prominent multilateral institutions, and influential voices from the business sector.

Representing the UAE, Dr. Khaled Hanafy, Secretary General of the Union of Arab Chambers, and Dr. Waiel Awwad, Director General of the Indo Arab Chamber of Commerce, Industry and Agriculture, took part in vital discussions reflecting the growing economic engagement between India and the Arab world. Their presence marked a significant milestone for Arab representation in international economic discourse.

Dr. Hanafy participated in a high-level discussion titled "Great Global Realignment," which addressed how nations and corporations can collaboratively establish a new era of economic stability in an evolving multipolar landscape. Simultaneously, Dr. Awwad focused on enhancing trade links and fostering commercial cooperation specifically between India and the Arab region.

The GEC 2026 forum is designed to be an interactive platform, spanning three days, where senior delegations from major economies converge to discuss pressing global economic issues. This year, nations such as France, the UK, Australia, Seychelles, Sri Lanka, and the USA joined the UAE to collaborate on shaping actionable economic frameworks that address chaos in global trade flows and supply chains.

In his opening address, India's External Affairs Minister Dr. S. Jaishankar emphasized the uncertainty engulfing the world and the resulting impact on long-held assumptions regarding trade and security. He underscored the urgency for diversification across sourcing, production, and market engagement. The minister articulated GEC 2026 as a necessary forum for exploring resilient supply chains, trusted partnerships, and a balanced approach to global economic cooperation.

The economic partnership between India and the UAE has experienced notable growth, especially after the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022, which resulted in bilateral trade reaching approximately $85 billion annually. This partnership is not merely transactional; it serves as an example of how nations can work together to bolster economic stability in their respective regions and beyond.

Shri Devendra Fadnavis, Chief Minister of Maharashtra, highlighted the current phase of global trade upheaval during the forum's discussions—a phase characterized by the necessity of recalibrating the global order. He outlined the challenge of restructured supply chains and noted that critical industries like semiconductors, energy, food resources, and advanced technology are now integral to national security strategies.

The forum, led by Shri Vijay Chauthaiwale and Ms. Priyam Gandhi-Mody from FECC, has also brought together an Advisory Council composed of influential Indian industry leaders. Notable figures include Mr. Anand Mahindra of Mahindra Group, Mr. Baba Kalyani from Bharat Forge Limited, and Mr. Cyril Shroff from Cyril Amarchand Mangaldas—highlighting the collaborative spirit of industry and government working together for economic enhancement.

Discussions over the next few days will encompass a variety of topics. These include financial resilience, infrastructure investment, trade corridor development, and the importance of developing competitive advantages. Additionally, sessions will involve conversations that address pressing issues like artificial intelligence, transitioning technologies, sustainability, and the crucial role of women's leadership in ensuring inclusive growth.

The GEC 2026 forum not only positions India as a collaborative player on the global economic stage but also highlights the UAE's growing influence and commitment to constructive engagement in international economic matters. With global economic power becoming more dispersed across multiple nations, this forum seeks to outline the trajectory of cooperation and partnership in a world where countries must adapt to evolving challenges and capitalize on emerging opportunities.