ABU DHABI, UAE – The significant growth in the volume of non-oil trade between the UAE and India signifies the positive progress of the Comprehensive Economic Partnership Agreement (CEPA), more than a year after it became operational.
CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
During 2020-2022, the volume of non-oil trade exchange between the UAE and India has grown by 84 percent, from $27.9 billion (AED102.5 billion) to $51.4 billion (AED188.8 billion) last year, according to data from the Federal Competitiveness and Statistics Center.
During the past 10 years (2013-2022), the trade growth rate between the two countries was at 18.2 percent, from $43.4 billion (AED 159.72 billion) to $51.4 billion (AED188.8 billion) last year, to reach $384 billion (AED1.41 trillion) in 10 years.
The UAE-India CEPA represented a platform for joint growth and constructive collaboration to stimulate the flow of mutual investments and provide opportunities for the business communities in the two countries.
CEPA will also help stimulates economic prosperity in both countries, as it is a partnership for sustainable growth.
In the period from May 2022 to April 2023, the first 12 months of the entry into force of the agreement, the value of bilateral non-oil trade amounted to $50.5 billion, a growth of 5.8 percent over the same period last year.
The partnership achieved distinguished and positive economic results that enhanced trade exchange between the two countries.
The UAE-India CEPA played a vital role in strengthening joint economic and trade relations towards further growth and prosperity, and creating a momentum of opportunities for the Emirati and Indian business communities.
The foreign trade between the two countries last year was represented in re-exports at a value of $13 billion (AED 48.4 billion) and non-oil exports stood at $11 billion (AED 40.2 billion), while imports amounted to $27 billion (AED100.1 billion).