UAE Ambassador Hails Bilateral Trade Growth with India under CEPA

UAE Ambassador to India, Abdulnasser Alshaali, highlighted a 15% increase in bilateral trade reaching USD 83.6 billion in FY 2023-24, driven by the Comprehensive Economic Partnership Agreement (CEPA). Key export sectors from India such as gems, jewellery, and pharmaceuticals showed significant growth. The UAE aims for USD 100 billion in non-oil bilateral trade by 2030.

The Ambassador of the United Arab Emirates to India, Abdulnasser Alshaali, announced on Thursday that bilateral trade between the UAE and India surged by 15% to USD 83.6 billion in fiscal 2023-24, driven by the Comprehensive Economic Partnership Agreement (CEPA).

Alshaali mentioned that the agreement signed in May 2022 boosted trade from USD 73 billion in FY 2021-22 to USD 83.6 billion by simplifying trade processes and reducing tariffs, creating stronger business pathways across borders.

'The positive impact of CEPA is evident in the substantial growth of bilateral trade between the UAE and India,' Alshaali said, emphasizing the transformative benefits of the agreement and its potential for further economic partnership growth.

He also mentioned that the UAE aims to achieve USD 100 billion in non-oil bilateral trade with India by 2030, observing significant growth in India's exports of gems, jewellery, pharmaceuticals, and fruits and vegetables to the UAE.

Alshaali noted that the UAE is eliminating tariffs on 7,581 Indian products, which account for 99% of India's exports to the UAE in terms of value by 2023. Over 80% of tariffs have already been eliminated.

CEPA has also facilitated Indian startups and SMEs, allowing them to access new markets more easily, while UAE companies are leveraging the trade deal to enter the Indian market.

Alshaali participated in the UAE-Andhra Pradesh Economic and Investment Roundtable in Vijayawada with state Industries Minister TG Bharat and emphasized UAE’s interest in the Indian aviation sector's growth.

He highlighted UAE's vision for the aviation industry in Andhra Pradesh, with plans to increase weekly flights to key cities and enhance annual passenger traffic.

On Wednesday, Alshaali met Chief Minister N Chandrababu Naidu, discussing expanding economic, investment, and people-to-people ties with Andhra Pradesh.