India and the United Arab Emirates (UAE) have agreed to further strengthen the mutual economic partnership. Union Commerce and Industry Minister Piyush Goyal on Friday informed the X that a conversation between the two countries laid special emphasis on increasing trade and investment in important areas like infrastructure, energy and technology.
The Crossing Economic Partnership Agreement (CEPA) between India-UAE in February 2022 has completed three years and its impact is clearly visible. In 2020-21, a bilateral trade of $ 43.3 billion rose to $ 83.7 billion in 2023-24, with a non-oil trade share of $ 57.8 billion. In the current financial year, the figure has reached $ 80.5 billion by January 2025.
Under the agreement, around 2.4 lakh Certificate of Origin has been issued so far, on the basis of which about $ 19.87 billion has been exported to the UAE. India’s non-oil exports also touched $ 27.4 billion levels in 2023-24, with products such as electrical machinery, chemicals, gems and jewelery and smartphones.
Smartphone exports alone stood at $ 2.57 billion. CEPA has not only increased business opportunities, but has also played an important role in empowering the MSME sector, employment generation and opening new business opportunities. The two countries are now moving ahead with the target of bringing non-oil trade to $ 100 billion by 2030.
