The UAE and India have witnessed rapid growth in trade ties in the one year since the implementation of a Comprehensive Economic Partnership Agreement (CEPA).
According to the Ministry of Economy, bilateral non-oil trade from May 2022 to April 2023, the first 12 months of the CEPA, reached $50.5 billion, which is a 5.8 per cent increase on the same period from the previous year.
The UAE is aiming to see its non-oil trade with India reach $100 billion by 2030.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with Piyush Goyal, India’s Minister of Commerce and Industry in New Delhi to celebrate the first year of the CEPA between the two nations and review the newly released trade data.
The two ministers commended CEPA's effectiveness in promoting trade and investment, and emphasised their shared commitment to building a mutually beneficial partnership that delivers long-term prosperity.
Coming into force on May 1, 2022, the UAE-India CEPA was the Emirates' first-ever bilateral trade deal and a cornerstone of its new foreign trade agenda.
The agreement eliminated or reduced tariffs on more than 80 per cent of product lines, created new platforms for SME collaboration and promoted mutual investment flows, particularly into priority sectors.
Following the deal with India, the UAE has now concluded a further four CEPAs with Israel, Indonesia, Turkey and Cambodia.
Spinneys makes Dubai stock exchange debut
ADNOC reports 18% Q1 growth
Dubai Duty Free boss to retire after 41 years
Sharjah airport welcomes over 4 million passengers
DXB on track to surpass 90 million passengers in 2024
