Trade sees an upswing of 27%
The Embassy of India, Abu Dhabi in association with Federation of Indian Chambers of Commerce & Industry (FICCI), Consulate General of India, Dubai, and Dubai Chambers recently organized a ‘Special Business Event’ in Dubai to commemorate the successful year of Comprehensive Economic Partnership Agreement (CEPA) signing.
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, addressed the special business event and talked about the enormous opportunities and benefits provided by CEPA.
Mr Sunjay Sudhir, Indian Ambassador to the United Arab Emirates mentioned that businesses from India and the United Arab Emirates have already begun taking advantage of the duty waivers and enhanced market access provided by the CEPA.
It was informed that during the first eight months from April-November 2022 of the current financial year, the bilateral trade between our two countries has grown to US$ 57.8 bn from US $ 45.3 bn during the same period last year, recording an impressive growth of 27.5 % in percentage terms and a notable increase of US $ 12.5 bn in value terms.
During the same period, India’s exports to the UAE have seen a remarkable growth of 19.32%, reaching US $ 20.8 bn from US $ 17.45 bn, an increase of US $ 3.35 bn in value terms. Besides, several other significant partnerships have been launched since May 2022 related to energy, food security, education and healthcare.
CEPA has unleashed new opportunities in bilateral trade, and it is expected to increase the bilateral trade in goods to US$ 100 bn within five years and trade in services to US $ 15 bn. More than 200 leading businesses from India and the UAE attended the event.
Bilateral trade between 2 countries touched US$ 57.8 bn (April-Nov 2022)