- May 1, 2024
UAE-India CEPA Marks 2-Year Anniversary With 16% Surge In Bilateral Trade; Jewellery, Fruits, Pharma Thrive – News18
Last Updated:
Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, meets with Narendra Modi, Prime Minister of India, in Abu Dhabi, United Arab Emirates, February 13, 2024. (Reuters)
Celebrating the 2nd anniversary of UAE-India CEPA, fostering economic growth and collaboration
As the UAE-India Comprehensive Economic Partnership Agreement (CEPA) reaches its second anniversary, bilateral trade between the two nations has surged by 16 percent over the past two years. Substantial growth was witnessed in sectors such as jewellery, pharmaceuticals, fruits, and vegetables, according to the UAE embassy in India.
“Implemented on 1 May 2022, the UAE-India CEPA offers numerous trade benefits, including the elimination and reduction of tariffs, an open trade environment, and enhanced market access for service providers across various sectors. It also addresses technical barriers and provides access to government procurement opportunities,” the embassy said.
Trade has increased by 16%. This includes oil to USD 85 billion.Interest has grown in #UAE companies wanting to invest in #India and indian companies wanting to expand into the UAE, in terms of people-to-people connection and an increase in the numbers of people travelling… pic.twitter.com/dkAbl3rQy9
— UAE-India CEPA Council (@cepacouncil) May 1, 2024
’16 percent Growth’
“The CEPA has spurred advancements in trade, with bilateral exchanges increasing from USD 72.9 billion (Apr 21-Mar 2022) to USD 84.5 billion (Apr 22-Mar 2023) registering a year-on-year increase of 16 percent. Major Indian export sectors have benefited considerably since the implementation of the CEPA, with the export of Indian gems and jewellery to the UAE expanding by almost 64 percent in only two years. While other critical Indian export sectors, such as drugs and pharmaceuticals, and fruit and vegetable products have also experienced considerable growth, increasing by almost 39 percent and 35 percent, respectively,” it added.
Dr. Abdulnasser Alshaali, Ambassador of the UAE to India, said, “The UAE-India CEPA has emerged as a resounding success story, solidifying our nations’ long-standing economic ties and ushering in a new era of prosperity. Over the past two years, we have witnessed remarkable growth in bilateral trade, a testament to the immense potential that exists when our complementary strengths are harnessed effectively. The CEPA has not only opened new avenues for businesses to benefit from the bilateral partnership, but has also fostered deeper integration of our economies, paving the way for increased investment flows and collaboration across diverse sectors.”
On Tuesday, External Affairs Minister S Jaishankar met visiting UAE minister Reem Al Hashimy and discussed steps to further a Comprehensive Strategic Partnership between the two countries. “Delighted to meet UAE Minister of State for International Cooperation Reem Al Hashimy. Discussed further steps in our Comprehensive Strategic Partnership. Also exchanged perspectives on the regional and global situation,” Jaishankar said in a post on X.
The UAE minister, who is on an official visit to New Delhi, also met Foreign Secretary Vinay Kwatra and reviewed multi-faceted ties between India and UAE. During the meeting, Hashimy emphasised that the UAE will mark the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries on May 1. The agreement has considerably increased the volume of bilateral non-oil trade by 19% between 2021 and 2023, according to UAE foreign ministry.
