India and UAE set to exceed USD 100 billion non-oil trade goal by 2030: Ahmed Aljneibi, ET EnergyWorld

India and UAE Trade Surges 15% Since Implementation of Free Trade Agreement

New Delhi: The trade relationship between India and the UAE has seen a significant boost, with a 15% increase in trade since the implementation of the free trade agreement in May 2022. According to CEPA Council Director Ahmed Aljneibi, the two countries are well on their way to surpassing the target of USD 100 billion in non-oil trade by 2030.

The UAE-India CEPA Council (UICC) was established during the Vibrant Gujarat Summit in January, and the Comprehensive Economic Partnership Agreement (CEPA) was put into effect in May 2022. Aljneibi highlighted the rapid growth in the UAE-India trading relationship since the signing of the CEPA.

Speaking at a business roundtable meet in Jaipur, Aljneibi emphasized the positive trajectory of the bilateral trade, stating, “The bilateral trade has increased almost 15 per cent since the CEPA entered into force on 1 May 2022. Our two countries are on track to far surpass the goal of achieving USD 100 billion in non-oil trade by 2030.”

The event in Jaipur brought together Rajasthan-based enterprises from various sectors such as pharmaceuticals, gems and jewellery, tourism, textiles, renewable energy, auto components, and healthcare. Organized by the UAE-India CEPA Council (UICC) in collaboration with the Confederation of Indian Industry (CII), the meet aimed to provide a platform for Indian enterprises to explore new opportunities and expand their engagement with the UAE.

The UAE currently stands as India’s second-largest export destination, third-largest trading partner, and fourth-largest investor. The total bilateral trade between the two countries has reached USD 85 billion, with the UAE’s foreign direct investment into India increasing to USD 3.3 billion in 2023.

Aljneibi reiterated the UICC’s commitment to ensuring that businesses in both the UAE and India, regardless of their size or sectorial focus, have access to inclusive and open pathways to benefit from the CEPA. He also highlighted the strong trading ties between Rajasthan and the UAE, which amounted to USD 450 million in 2023, making it a natural fit for the development of mutually beneficial relationships.

The event in Jaipur served as a testament to the growing economic cooperation between India and the UAE, with a focus on expanding trade and investment opportunities for businesses in both countries. With the CEPA in place, the future looks promising for further strengthening the trade ties and achieving the ambitious target of USD 100 billion in non-oil trade by 2030.

Published On Apr 25, 2024 at 08:10 AM IST