New Delhi [India], August 30 : India and the United Arab Emirates (UAE) held discussions focused on expanding bilateral trade and investment in key sectors such as infrastructure, energy, and technology.
In an X post, Union Commerce and Industry Minister, Piyush Goyal, on Friday, informed that two countries have reaffirmed their commitment to deepen the partnerships.
"Honoured to welcome Dr @ThaniAlZeyoudi , the UAE's Minister of Foreign Trade, and congratulated him on assuming his new role.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," the Union Minister wrote in the X post.
The Economic Partnership Agreement (CEPA) between the two countries completed three years of signing in February, marking a significant development.
According to the Ministry of Commerce and Industry, since the signing of CEPA, bilateral merchandise trade has nearly doubled from USD 43.3 billion in FY 2020-21 to USD 83.7 billion in 2023-24. During the current FY till January'25, it reached USD 80.5 billion. CEPA has been successful in realising its potential for diversification of trade basket as non-oil trade touched USD 57.8 billion in FY 2023-24, accounting for more than half of the total trade.
This is attuned to the target of taking bilateral non-oil trade to the USD 100 billion level by 2030. In terms of utilisation of CEPA preferential duties, since coming into force, nearly 2,40,000 Certificates of Origin have been issued, against which total export of USD 19.87 billion have been made to the UAE.
In terms of India's exports, non-oil exports reached USD 27.4 billion in FY 2023-24, recording an average growth of 25.6 per cent since the entry into force of CEPA.
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 & inorganic chemicals have been major achievers.
Besides, at the product level, smartphones have emerged as a major item of export with shipments valued at USD 2.57 billion bound for the UAE during FY 2023-24.
The India-UAE CEPA has resulted in a new era of economic partnership and diplomacy for both nations by empowering MSMEs, generating employment, and creating new business opportunities. India and the UAE are committed to enhancing their economic partnership to foster robust trade and opportunities and reach new heights, leveraging CEPA.
In July, India and the UAE reaffirmed their commitment to strengthening bilateral defence cooperation during the 13th India-UAE Joint Defence Cooperation Committee (JDCC) meeting, held at the Secretary level for the first time.
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