Non-oil trade touched $57.8bn in FY 2023-24
India-UAE bilateral merchandise trade has nearly doubled from US$43.3 billion in FY 2020-21 to US$83.7 billion in 2023-24, under the three-year-old Comprehensive Economic Partnership Agreement (CEPA) https://www.commerce.gov.in/.
During the current FY (April-December, 2024), it reached US$71.8 billion, the Ministry of Commerce and Industry said on 18 Feb 2025 on completion of three years of CEPA.
The broad free trade agreement has been successful in realising its potential of diversification of trade basket as non-oil trade touched US$57.8 billion in FY 2023-24 accounting for more than half of the total trade https://fieo.org/.
This is attuned to the target of taking bilateral non-oil trade to US$100 billion level by 2030.
In terms of utilization of CEPA preferential duties are concerned, since coming into force, nearly 240,000 Certificates of Origin have been issued against which total export of US$19.87 billion have been made to the UAE https://www.bseindia.com/.
India’s non-oil exports reached US$27.4 billion in FY 2023-24 recording an average growth of 25.6% since entering into force of CEPA https://www.abudhabichamber.ae/en.
At the sectoral level, besides refined crude oil products and gems & jewellery products, electrical machinery and equipment, light & medium high technology goods like boilers, generators and reactors and organic & in-organic chemicals have been major achievers https://www.bseindia.com/.
Besides, at the product level, smartphones have emerged as a major item of export with shipments valued US$2.57 billion bound for the UAE during FY 2023-24 http://dubaichambers.com.
Since signing of the Agreement, both the governments have strived to address challenges faced by each other’s exporters through regular high-level meetings and technical discussions between the officials.
The Joint Committee, established as an institutional mechanism to take stock of the implementation of CEPA, has already met twice at the level of Joint/Additional Secretary -the last one being in October, 2024 https://sbi.com.in/.
The Trade in Goods Committee has also met several times to address issues related to bilateral trade, the Ministry said.
In the spirit of mutual cooperation and trust, both sides have taken concrete steps to operationalize various other Sub-Committees as well to deliberate on issues related to trade in services, rules of origin, customs procedure and trade facilitation.
The India-UAE CEPA has resulted into new era of economic partnership and diplomacy for both the nations by empowering MSMEs, generating employment and creating new business opportunities https://www.ibef.org/.
India and UAE are committed to enhance their economic partnership to foster robust trade and opportunities and reach new heights leveraging CEPA, said the Ministry. Fiinews.com
