Non-oil trade between the UAE and India experienced a significant rise in the first half of 2024, growing by 10% compared to the same period in 2023. This growth underscores the strengthening economic relationship between the two countries, which continues to expand through increased investments and cooperation.
During the UAE-India Business Forum in Mumbai, organised by the UAE Ministry of Economy in collaboration with the UAE Embassy in New Delhi and the Indian Ministry of Commerce and Industry, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted the remarkable uptick in trade and investments between the two nations. He noted that Emirati investments in India reached an impressive $3.3 billion in 2023, reflecting the UAE’s growing role in the Indian market. In return, Indian investments in the UAE exceeded $2 billion, further solidifying the bilateral economic ties.
“These figures not only demonstrate the strength of the UAE-India partnership but also the growing opportunities we are jointly pursuing,” said Dr. Al Zeyoudi. He emphasized the importance of leveraging the Comprehensive Economic Partnership Agreement (CEPA) to unlock further opportunities for businesses in both countries. The agreement, signed in 2022, has already played a pivotal role in fostering deeper trade and investment relations by reducing tariffs and promoting the free flow of goods and services.
The Business Forum, held in Mumbai, served as a platform for leaders from both nations to explore new avenues for cooperation. The discussions focused on expanding trade, enhancing investment flows, and promoting joint ventures in key sectors such as technology, infrastructure, and renewable energy.
With both nations committed to strengthening their economic ties, the future of UAE-India trade looks promising. This partnership is expected to continue driving growth, innovation, and development, contributing to the broader regional and global economy. This strengthens economic ties through robust trade growth.
