Since the implementation of the free trade agreement in May 2022, there has been a significant uptick of 15% in India-UAE trade, as reported by Mr. Ahmed Aljneibi, the Director of the CEPA Council. Both countries are on track to surpass the goal of achieving US$ 100 billion in non-oil trade by 2030, a target made feasible through the signing of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022.
Speaking at a business roundtable in Jaipur, Mr. Aljneibi highlighted the remarkable growth in bilateral trade, emphasizing the pivotal role played by the CEPA in fostering this expansion. The event brought together enterprises from Rajasthan across various sectors, all keen on bolstering economic ties between the UAE and India. Notably, the UAE stands as India’s second-largest export destination, third-largest trading partner, and fourth-largest investor, with the total bilateral trade amounting to US$ 85 billion and the UAE’s foreign direct investment in India reaching US$ 3.3 billion in 2023.
Mr. Aljneibi reiterated the UICC’s dedication to ensuring that businesses of all sizes and sectors have access to inclusive opportunities offered by the CEPA. Furthermore, he emphasized Rajasthan’s diverse economy and its robust trading relationship with the UAE, which amounted to US$ 450 million in 2023, highlighting the conducive environment for fostering mutually beneficial ties between the two regions.
