India-UAE agree to more than double the trade to USD 100 billion by 2030
India’s exports to the UAE also recorded a remarkable growth of 12%, reaching USD 31.6 billion in 2022-2023. Both sides have agreed to forge newer ties and build on this momentum.
The 1st meeting of the joint committee of the India-UAE Comprehensive Economic Partnership Agreement concluded successfully. Both sides agreed to more than double the trade in non-petroleum products to USD 100 billion by 2030. Both sides reviewed the bilateral trade under the CEPA and agreed to operationalize the established committees, sub-committees or technical council under the CEPA.
India and UAE also agreed on mutual exchange of preferential trade data on quarterly basis for effective monitoring of the CEPA. They discussed various matters related to the implementation of the agreement, besides agreeing on addressing any issue that may potentially act as a hindrance to CEPA implementation or its usage by businesses on both sides.
Both sides also agreed on creation of a new sub-committee on trade in services and also agreed to set-up a UAE-India CEPA Council (UICC) as a B2B collaboration mechanism with a focus on MSMEs and start-ups for building greater economic linkages and optimizing CEPA benefits.
Both sides also exchanged views on WTO matters. The 13th Ministerial Conference of the WTO (MC13) is scheduled to be held in Abu Dhabi, United Arab Emirates, during the week of 26 February 2024. A high-level delegation from the UAE, comprising senior officials of the Government of the United Arab Emirates (UAE) and representatives from the business community of the UAE, led by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, visited India on 11-12 June 2023.
Earlier, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE called on Piyush Goyal, Union Minister of Commerce and Industry in New Delhi. The visit also marked the India leg of the 1st anniversary of the Implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Addressing the press conference Goyal said that the two countries had agreed to set a target of USD 100 billion of trade in non-petroleum products by 2030 from the USD 48 billion at present. Both the ministers also participated in a B-2-B event which was organized by the Department of Commerce in partnership with the Confederation of Indian Industry (CII).
Addressing the business gathering at the B2B event, Goyal emphasized that this path-breaking agreement has significantly transformed the India-UAE partnership by providing renewed impetus and momentum to an already close and strong relationship.
The minister also highlighted that initial gains have already started accruing from the agreement with bilateral trade between India and the UAE growing at around 16.5% and touching an all-time high of around USD 84.84 billion during FY 2023-23.
Goyal also said that India’s exports to the UAE also recorded a remarkable growth of 12%, reaching USD 31.6 billion in 2022-2023. He urged businesses from both sides to forge newer ties and build on this momentum. He highlighted other important initiatives that are being discussed between the two sides including virtual trade corridors, potential set-up of offices of the Abu Dhabi Investment Authority in GIFT City, Gujarat, UPI partnership and the potential development of an efficient system for direct Rupee-Dirham trade.
