UAE-India Trade Surges by 15% Amid CEPA Push

The UAE Ambassador to India, Abdulnasser Alshaali, announced that bilateral trade between the UAE and India rose by 15% to USD 83.6 billion in fiscal 2023-24, driven by the Comprehensive Economic Partnership Agreement (CEPA). The agreement has facilitated significant growth in various sectors, including gems, jewelry, pharmaceuticals, and agriculture.

The bilateral trade between the UAE and India has soared by 15%, reaching USD 83.6 billion in fiscal 2023-24, according to Abdulnasser Alshaali, the UAE's Ambassador to India. This surge has been driven by the Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022.

Alshaali highlighted that the CEPA has streamlined trade processes, reduced tariffs, and created robust pathways for businesses, increasing trade from USD 73 billion in FY 2021-22. The agreement's impact is evident in significant export growth in gems and jewellery, pharmaceuticals, and agricultural products.

The UAE aims to achieve USD 100 billion in non-oil bilateral trade with India by 2030. The CEPA has also benefited Indian startups and SMEs by providing easier market access and supported UAE companies entering the Indian market, particularly in construction, energy, and retail sectors. Alshaali also noted the importance of collaboration in aviation and the gradual integration of the rupee in bilateral trade.

(With inputs from agencies.)