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India-UAE bilateral trade increases by 27.5% annually

India-UAE bilateral trade increases by 27.5% annually

 On February 18, 2022, the historic Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE was signed in front of a virtual summit that was also attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi.

The Federation of Indian Chambers of Commerce & Industry (FICCI), in collaboration with the Indian Embassy in Abu Dhabi, the Indian Consulate General in Dubai, and Dubai Chambers, hosted a Special Business Event on Friday to celebrate the signing of CEPA.

More than 200 eminent companies from the UAE and India attended the event.

Thani Al Zeyoudi, the UAE's Minister of State for Foreign Trade, addressed the audience and discussed the enormous prospects and benefits provided by CEPA.

In his remarks, Ambassador Sunjay Sudhir said that businesses from both India and the UAE have already begun to take advantage of the duty waivers and improved market access provided by the CEPA.

The first bilateral trade agreement signed by the UAE and by India in the MENA area, respectively, is the historic India-UAE CEPA. The India-UAE CEPA is a comprehensive agreement that addresses every facet of India's economic relations with the UAE, including trade, investments, healthcare, digital trade, government procurement, intellectual property rights, etc.

Within five years, it is anticipated that the bilateral trade in products would reach $100 billion and the trade in services will reach $15 billion thanks to CEPA, which has opened up new potential for bilateral trade.

The substantial overall increase in bilateral trade accurately reflects the early benefits of the pact.

The bilateral trade between the two nations increased to $57.8 billion during the first eight months of the current fiscal year, from $45.3 billion during the same period last year. This represents a significant increase of $12.5 billion in value terms and an impressive growth of 27.5% in percentage terms.

India's exports to the UAE experienced a phenomenal growth of 19.32% during the same time, rising from $17.45 billion to $20.8 billion, a gain of $3.35 billion in value terms.

In addition, since May 2022, a number of important agreements in the fields of energy, food security, education, and healthcare have been established.


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