India, UAE Trade Doubles Since CEPA; Commitment Reaffirmed To Expand Trade & Investment: Piyush Goyal

New Delhi, Sep 1 (KNN) India and the United Arab Emirates (UAE) have reaffirmed their commitment to deepen economic cooperation, with a focus on expanding bilateral trade and investment in sectors including infrastructure, energy, and technology.

Union Commerce and Industry Minister Piyush Goyal announced the development in an X post following discussions with UAE Minister of Foreign Trade, Dr. Thani Al Zeyoudi. 

“Our discussions focused on expanding bilateral trade and investment in key sectors such as infrastructure, energy and technology. We reaffirmed our shared commitment to deepening the India-UAE partnership and unlocking new avenues of growth together,” Goyal stated in the X post.

The talks build on the success of the Comprehensive Economic Partnership Agreement (CEPA), which marked three years in February. 

Since its signing, bilateral merchandise trade has nearly doubled—from USD 43.3 billion in FY 2020-21 to USD 83.7 billion in 2023-24, according to the Ministry of Commerce and Industry.

In the current fiscal year up to January 2025, trade has already reached USD 80.5 billion. 

Non-oil trade, a key priority under CEPA, stood at USD 57.8 billion in FY 2023-24, accounting for over half of the total trade and moving closer to the USD 100 billion target for 2030.

India’s non-oil exports to the UAE reached USD 27.4 billion in FY 2023-24, recording an average annual growth of 25.6 percent since CEPA came into effect. 

Since the implementation of CEPA, nearly 2,40,000 Certificates of Origin have been issued, facilitating exports worth USD 19.87 billion to the UAE under preferential duties.

The agreement has been credited with empowering MSMEs, creating employment opportunities, and diversifying India’s export basket to the UAE.

(KNN Bureau)