What is Bharat Mart? All about India’s latest Middle Eastern trade push launched by PM Modi

Prime Minister Narendra Modi on February 14 inaugurated 'Bharat Mart' in Dubai, which is a warehousing facility for Indian MSMEs. Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and the Ruler of Dubai was also present at the event.

Expected to be operational by 2025, Bharat Mart will be a warehousing facility enabling Indian companies to trade in Dubai. Similar to China's Dragon Mart, the facility will offer a unified platform for Indian exporters to showcase a variety of products under one roof. The aim is to establish a base and engage in trade from the UAE.  

The complex will be located in the Jebel Ali Free Trade Zone in Dubai and will be set over 100,000 square meters. It will function as a versatile establishment, providing a combination of storage, retail, and hospitality spaces. Jebel Ali Free Zone is DP World's flagship free zone and the largest customs bonded zone in the Middle East.

The 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.

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.

PM Modi congratulated Mohamed bin Zayed on the launch of Jaywan, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction using the Jaywan card.

Also read: PM Modi in UAE: ‘World today needs inclusive govts, free of corruption’