Indian exports to UAE grew 12% to $31.6 bn in 2022-2023
India and the United Arab Emirates (UAE) have agreed to set a target of US$100 billion of trade in non-petroleum products by 2030, up from US$48 billion at present.
This was announced after the 1st Meeting of the Joint Committee of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) held in Delhi following a high-level UAE delegation visit led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The UAE delegation visited India on 11-12 June 2023.
Setting the target, the Commerce and Industry Minister Piyush Goyal highlighted that initial gains have already started accruing from the India-UAE CEPA with bilateral trade growing at around 16.5% and touching an all-time high of around US$84.84 billion during FY 2023-23.
India’s exports to the UAE also recorded a remarkable growth of 12%, reaching US$31.6 billion in 2022-2023.
He urged businesses from both sides to forge newer ties and build on this momentum, and 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.
The meeting, first after CEPA was implemented, agreed on creation of a new sub-committee on Trade in Services and 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 during the week of 26 February 2024.
Dr. Thani bin Zeyoudi affirmed the UAE Government keenness to further strengthen the India-UAE bilateral relations by engaging in all areas of mutual importance to both the countries.
He also reaffirmed the commitment of his Ministry and his Government in working closely with the Indian side in the same spirit of mutual trust, cooperation and collaboration for the growth, prosperity, and welfare of the peoples of the two countries. fiinews.com
