India and UAE Set to Exceed USD 100 Billion Non-Oil Trade Goal by 2030
Trade between India and the UAE has surged by 15% following the introduction of the free trade agreement in May 2022, with both nations poised to exceed the ambitious goal of achieving USD 100 billion in non-oil trade by 2030, as stated by Ahmed Aljneibi, Director of the CEPA Council. The UAE-India CEPA Council (UICC) was inaugurated during the Vibrant Gujarat Summit in January, underscoring the commitment to bolstering bilateral economic ties.
Since the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, the trading relationship between the UAE and India has experienced rapid growth, as noted by Aljneibi. The CEPA, signed by the two countries, has paved the way for enhanced economic collaboration, marking a significant milestone in their bilateral ties. "The bilateral trade has increased almost 15 percent 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", he said.
Aljneibi addressed a business roundtable gathering in Jaipur where enterprises from various sectors based in Rajasthan, spanning pharmaceuticals, gems and jewelry, tourism, textiles, renewable energy, auto components, and healthcare, took part. The event, organized by the UAE-India CEPA Council (UICC) in partnership with the Confederation of Indian Industry (CII), facilitated discussions on bolstering economic ties between the two nations.
The event serves as a forum for Indian enterprises to discover fresh avenues and opportunities to enhance their involvement with the UAE. As India's second-largest export destination, third-largest trading partner, and fourth-largest investor, the UAE holds significant importance in bilateral economic relations. With bilateral trade amounting to USD 85 billion and the UAE's foreign direct investment into India reaching USD 3.3 billion in 2023, the partnership continues to thrive and expand.
Aljneibi emphasized that the UICC is committed to ensuring that businesses from both the UAE and India, regardless of their scale or sector, have equitable and accessible avenues to leverage the benefits of the CEPA. He noted that Rajasthan's richly diverse economy, coupled with its robust trading connections with the UAE, amounting to USD 450 million in 2023, presents a seamless opportunity for cultivating mutually advantageous relationships.