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India-UAE trade up 5.8% on-year in first 12 months of trade pact.
Jun 13, 2023

In the first twelve months of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), bilateral non-oil trade reached $50.5 billion, up 5.8% on year.

The two sides have more than doubled their non-petroleum trade target to $100 billion by 2030 from the earlier anticipated $48 billion, commerce and industry minister Piyush Goyal said on Monday after the first meeting of the joint committee of India-UAE CEPA. He also said that India is hopeful of an early outcome on the Rupee-Dirham trade with the UAE.

In the first three months of the year, total bilateral trade reached $13.2 billion, 16.3% higher than the previous quarter.

'There can be little question that our deal is having the desired impact,' said UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi.

In the first three months of the year, total bilateral trade reached $13.2 billion, 16.3% higher than the previous quarter.

'For context, these figures came amid a sharp decline in global trade in the third and fourth quarters in 2022, proving that we have created a real nexus of growth,' Al Zeyoudi said.

The re-exports from India rose 24.5% in the first quarter, which as per Al Zeyoudi,

demonstrates the UAE’s role as a gateway to the world and an important bridge between Indian exporters and the markets of Middle East, Europe and Africa.

The CEPA was implemented on May 1 last year.

'Significant decision has been taken to iron out issues that the businesses had faced…We have a mutually agreed (for a) target of $100 billion bilateral trade by 2030,' Goyal said.

economictimes.indiatimes.com

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