UAE-India trade volume reaches AED 1.41 trillion in 10 years

Abu Dhabi, July 15 (BNA): The significant growth in the volume of non-oil trade between the UAE and India indicates the positive progress of the Comprehensive Economic Partnership Agreement (CEPA), more than a year after it entered into force, which puts it on track to achieve the goal of reaching 100 billion US dollars in non-oil trade annually over the next five years.

The volume of non-oil trade exchange between the UAE and India during the period 2020-2022 grew by 84 percent, from 102.5 billion dirhams to 188.8 billion dirhams last year, according to data from the Federal Center for Competitiveness and Statistics.

During the past ten years (2013-2022), the growth rate of trade between the two countries reached 18.2 percent, from 159.72 billion dirhams to 188.8 billion dirhams last year, to reach 1.41 trillion dirhams in 10 years, Emirates News Agency (Emirates News Agency). Wm) mentioned.

The UAE-Indian CEPA agreement represented a platform for joint growth and constructive cooperation to increase the strategic importance of the economies of the two countries, stimulate the flow of mutual investments, and provide opportunities for business communities in the two countries, which stimulates economic prosperity in the two countries. Both countries, because they are a partnership for sustainable growth.

From May 2022 to April 2023, the first 12 months after the agreement entered into force, the value of bilateral non-oil trade amounted to 50.5 billion US dollars, an increase of 5.8 percent over the same period last year, so that the partnership achieved distinct and positive economic results that strengthened Increase the flow of trade exchange between the two countries.

The Emirati-Indian CEPA has played a vital role in promoting joint economic and trade relations towards further growth and prosperity, and creating momentum of opportunities for the Emirati and Indian business communities.

Last year, foreign trade between the two countries was represented in re-exports worth 48.4 billion dirhams, non-oil exports 40.2 billion dirhams, and imports 100.1 billion dirhams.

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