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India-UAE bilateral trade reached an all-time high of about USD 84.84 billion in 2022-23
In a significant development, India and the United Arab Emirates (UAE) have agree to more than double the trade in non-petroleum products from the current USD 48 million to USD 100 billion by 2030.
The declaration was made during the productive first Joint Committee (JC) meeting of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates, which was held in New Delhi on Monday (June 12, 2023). Representatives from the two nations met in the joint committee to assess the CEPA's effects on bilateral commerce and discuss different implementation-related issues.
As part of their commitment to strengthening economic ties, both sides agreed to operationalize established committees, sub-committees, and technical councils under the CEPA. Additionally, they agreed on addressing any issue that may potentially act as a hindrance to CEPA implementation or its usage by businesses on both sides.
India and the UAE agreed to share preferential trade data on a quarterly basis in order to promote efficient CEPA monitoring. Additionally, a new sub-committee on trade in services will be established, focusing on enhancing trade in services between the two nations.
Moreover, they also agreed to establish the UAE-India CEPA Council (UICC) as a platform for business-to-business engagement, with an emphasis on start-ups and micro, small, and medium-sized companies (MSMEs), in order to promote stronger economic ties and maximize the advantages of the CEPA.
The Joint Committee's first meeting also covered topics related to the World Trade Organization (WTO). It was revealed that the 13th Ministerial Conference of the WTO (MC13) is scheduled to take place in Abu Dhabi, UAE, during the week of February 26, 2024.
The meeting was attended by a high-level delegation from the UAE, led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, which visited India on June 11–12, 2023. The visit, which coincided with the first anniversary of the CEPA between India and the UAE, culminated with the signing of the Joint Committee meeting minutes in the presence of both ministers.
During the visit, UAE Minister Thani bin Ahmed Al Zeyoudi had a meeting with Union Minister of Commerce and Industry Piyush Goyal. At a news conference on Monday (June 12, 2023), the two ministers spoke together, praising the accomplishments and successful conclusion of the Joint Committee's first meeting.
According to Union Minister Goyal, the objective of USD 100 billion in non-petroleum trade by 2030 will give the existing solid India-UAE partnership a new boost.
Minister Goyal further praised the CEPA's early successes, noting that in the fiscal year 2022-2023, bilateral trade between India and the UAE reached a record high of around USD 84.84 billion, reflecting a growth rate of over 16.5%. In the same fiscal year, India's exports to the UAE alone saw a phenomenal rise of 12%, totaling USD 31.6 billion.
In addition to the objective of non-petroleum trade, Union Minister Goyal highlighted a number of other initiatives under discussion between India and the UAE. Those initiatives were the creation of virtual trade corridors, the potential establishment of offices for the Abu Dhabi Investment Authority in Gujarat's GIFT City, a partnership involving a Unified Payments Interface (UPI), and the creation of an effective system for direct rupee-dirham trade.
Minister Thani bin Ahmed Al Zeyoudi emphasized the desire of the UAE government to significantly advance bilateral ties with India in all areas of shared significance. He reaffirmed the importance of mutual trust, cooperation, and partnership for the progress, prosperity, and welfare of both nations and pledged to work closely with India's Ministry of Commerce and Industry.
The declaration was made during the productive first Joint Committee (JC) meeting of the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates, which was held in New Delhi on Monday (June 12, 2023). Representatives from the two nations met in the joint committee to assess the CEPA's effects on bilateral commerce and discuss different implementation-related issues.
As part of their commitment to strengthening economic ties, both sides agreed to operationalize established committees, sub-committees, and technical councils under the CEPA. Additionally, they agreed on addressing any issue that may potentially act as a hindrance to CEPA implementation or its usage by businesses on both sides.
India and the UAE agreed to share preferential trade data on a quarterly basis in order to promote efficient CEPA monitoring. Additionally, a new sub-committee on trade in services will be established, focusing on enhancing trade in services between the two nations.
Moreover, they also agreed to establish the UAE-India CEPA Council (UICC) as a platform for business-to-business engagement, with an emphasis on start-ups and micro, small, and medium-sized companies (MSMEs), in order to promote stronger economic ties and maximize the advantages of the CEPA.
The Joint Committee's first meeting also covered topics related to the World Trade Organization (WTO). It was revealed that the 13th Ministerial Conference of the WTO (MC13) is scheduled to take place in Abu Dhabi, UAE, during the week of February 26, 2024.
The meeting was attended by a high-level delegation from the UAE, led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, which visited India on June 11–12, 2023. The visit, which coincided with the first anniversary of the CEPA between India and the UAE, culminated with the signing of the Joint Committee meeting minutes in the presence of both ministers.
During the visit, UAE Minister Thani bin Ahmed Al Zeyoudi had a meeting with Union Minister of Commerce and Industry Piyush Goyal. At a news conference on Monday (June 12, 2023), the two ministers spoke together, praising the accomplishments and successful conclusion of the Joint Committee's first meeting.
According to Union Minister Goyal, the objective of USD 100 billion in non-petroleum trade by 2030 will give the existing solid India-UAE partnership a new boost.
Minister Goyal further praised the CEPA's early successes, noting that in the fiscal year 2022-2023, bilateral trade between India and the UAE reached a record high of around USD 84.84 billion, reflecting a growth rate of over 16.5%. In the same fiscal year, India's exports to the UAE alone saw a phenomenal rise of 12%, totaling USD 31.6 billion.
In addition to the objective of non-petroleum trade, Union Minister Goyal highlighted a number of other initiatives under discussion between India and the UAE. Those initiatives were the creation of virtual trade corridors, the potential establishment of offices for the Abu Dhabi Investment Authority in Gujarat's GIFT City, a partnership involving a Unified Payments Interface (UPI), and the creation of an effective system for direct rupee-dirham trade.
Minister Thani bin Ahmed Al Zeyoudi emphasized the desire of the UAE government to significantly advance bilateral ties with India in all areas of shared significance. He reaffirmed the importance of mutual trust, cooperation, and partnership for the progress, prosperity, and welfare of both nations and pledged to work closely with India's Ministry of Commerce and Industry.
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