Today: 9 May 2025
21 February 2025
2 mins read

Economic pact fuels India-UAE trade boom 

The bilateral trade between India and the UAE nearly doubled from $43.3 billion in FY 2020-21 to $83.7 billion in 2023-24. 

The India-United Arab Emirates (UAE) comprehensive economic partnership agreement (CEPA) signed on 18th February 2022 completed three successful years on Tuesday which saw bilateral trade nearly doubling from $43.3 billion in FY 2020-21 to $83.7 billion in 2023-24, the Commerce and Industry Ministry said on Tuesday. 

During the 9-month period of April-December of the current financial year the bilateral trade has already reached $71.8 billion, the statement said. 

At the product level, smartphones have emerged as a major item of export with shipments valued at $2.57 billion bound for the UAE during FY 2023-24. 

CEPA is a full and deep agreement which was signed during a virtual summit between Prime Minister Narendra Modi and the President of the UAE and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan. It came into effect on 1st May 2022. 

CEPA has been successful in realising its potential of diversification of the trade basket as non-oil trade touched $57.8 billion in FY 2023-24 accounting for more than half of the total trade. This is attuned to the target of taking bilateral non-oil trade to $100 billion by 2030. 

In terms of utilisation of CEPA, preferential duties are concerned, since coming into force, nearly 2,40,000 certificates of origin have been issued against which a total export of $19.87 billion has been made to the UAE. 

In terms of India’s exports, non-oil exports reached $27.4 billion in FY 2023-24 recording an average growth of 25.6 per cent since CEPA came into force, according to official figures. 

At the sectoral level, besides refined crude oil products and gems and jewellery products, electrical machinery and equipment, light and medium-high technology goods like boilers, generators and reactors and organic & in-organic chemicals have been major achievers. 

Since the signing of the agreement, both governments have strived to address challenges faced by each other’s exporters through regular high-level meetings and technical discussions between the officials. 

The Joint Committee, established as an institutional mechanism to take stock of the implementation of CEPA, has already met twice at the level of Joint and Additional Secretary level. The Trade in Goods Committee has also met several times to address issues related to bilateral trade. In the spirit of mutual cooperation and trust, both sides have taken concrete steps to operationalise various other sub-committees as well as to deliberate on issues related to trade in services, rules of origin, customs procedure and trade facilitation. 

The inauguration of the Bharat Mart initiative by PM Modi in Dubai will act as a one-stop shop for Indian manufacturers to offer their products to the global markets and will give a fillip to exports. 

The India-UAE CEPA has resulted in a new era of economic partnership and diplomacy for both nations by empowering MSMEs, generating employment and creating new business opportunities. 

“India and the UAE are committed to enhancing their economic partnership to foster robust trade and opportunities and reach new heights leveraging CEPA,” the statement added.

ALSO READ:   Macron Calls for Stronger European Defense

Previous Story

Breaking Stereotypes: The Evolution of Men’s Fashion in India

Next Story

Sheikh Mohamed attends NAVDEX

Latest from -Top News

UAE, Uganda forge closer ties 

President of Uganda received H.H. Sheikh Abdullah bin Zayed; both countries have deepened ties with strategic agreements in energy, investment and digital innovation  In a significant diplomatic engagement aimed at expanding bilateral

Macron backs Syria sanctions shift 

 Diplomatic outreach, sanctions, reconstruction, and sectarian unrest shape Syria’s complex new chapter.  In a landmark visit signalling Syria’s first re-engagement with a European capital in over a decade, French President Emmanuel Macron

Singapore lauds UAE field aid

A Singaporean delegation visited the UAE Floating Hospital in Al-Arish, where they toured its various departments and were briefed on the medical and humanitarian services provided to patients arriving from the Gaza

Leaders hail new Pope

The UAE President expressed hope that the pontiff’s tenure would advance global harmony, peace, and interfaith understanding President His Highness Sheikh Mohamed bin Zayed Al Nahyan has extended warm congratulations to Cardinal

UAE calls for calm

Sheikh Abdullah bin Zayed Al Nahyan, UAE’s Minister of Foreign Affairs, urged Inda and Pakistan to “exercise restraint” and avoid further escalation that could imperil regional and global peace The United Arab
Go toTop

Don't Miss

Ship hijacking: India working on to secure release of its 7 nationals

New Delhi is concerned at the recent intensification of fighting

Extensive probe into explosion at Jebel Ali Port

Dubai Civil Defense, Dubai Police and other related authorities, took