As per official data, the bilateral non-oil trade between UAE and India has surged to $45.5B during the first 11 months of their Comprehensive Economic Partnership Agreement (CEPA).
This marks a growth of 6.9% compared to the previous 12-month period, despite the global trade slowdown in Q3 and Q4 of 2022. H.E. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, has praised this achievement as a “new era of prosperity”.
During the Annual Investment Meeting (AIM) held in Abu Dhabi, the Minister of State for Foreign Trade mentioned that bilateral trade between UAE and India showed significant progress in Q1 of 2023, leading up to the first anniversary of their CEPA agreement, according to Arabian Business.
According to the minister, trade between the two nations increased by 24.7% compared to the previous quarter. Furthermore, non-oil exports from the UAE to India experienced a remarkable growth of 33%.
H.E. Al Zeyoudi said: “One of the central goals of the UAE-India CEPA is to increase the flow of goods and services between our nations – and, by doing so, stimulate key export sectors, drive industrial output and kick-start an exciting new era of prosperity.”
“These figures underline the pace of our progress. The UAE and India have created an alliance for growth, a platform for deeper cooperation and economic integration that will reap considerable rewards over the long term.”
“Over the past year, our nations have recognised that our economies work better when we remove barriers, facilitate cooperation and build trust, and we must constantly work together to strengthen our partnership to create more opportunities for our private sectors – and deliver more prosperity for our people,” His Excellency added.
According to Shri Rajesh Kumar Singh, the Secretary of India’s Department for Promotion of Industry and Internal Trade, the success of the UAE-India partnership under CEPA is due to the transparency and openness exhibited by both countries since the beginning of the negotiations.
The UAE-India CEPA, which came into effect on May 1, 2022, is a key aspect of the UAE’s new foreign trade strategy, which aims to strengthen relationships with key allies worldwide to bolster economic growth and secure vital supply chains.
The agreement facilitated the elimination or reduction of tariffs on over 80% of product lines, removed obstacles to trade, encouraged investment in priority sectors, and created opportunities for cooperation and expansion among SMEs.
