Bilateral trade between the UAE and India has increased by nearly 15 per cent over the past two years since the signing of the Comprehensive Economic Partnership Agreement (CEPA), a senior functionary of the UAE-India CEPA Council said.
While the Emirates’ exports to India rose by over 7 per cent, Indian exports to the UAE grew by a much higher rate of 27 per cent during this period, Ahmed Aljeibi, Director of the UAE-India CEPA Council, said.
He said non-oil trade between the UAE and India registered a 20 per cent increase during the 2023-2024 financial year, highlighting the transformative potential of CEPA.
“These compelling statistics highlight the agreement’s success,” Alijeibi said while speaking at a celebratory event marking the second anniversary of CEPA organised by the Indian Business and Professional Council Dubai.
He said the CEPA has also proven to be one of the most significant free trade agreements signed by India, underscoring the complementary nature of the two economies.
Speaking on the occasion, the Deputy Consul General of India, Yatin Patel said the dynamic trade relationship between the two countries has contributed to stronger and more diversified supply chains.
Trade, which was once concentrated in the energy sector, has now spread across various other sectors, strengthening the supply chains, he said.
“Additionally, the transfer of technology has been facilitated, thanks to increased business interactions, and we’ve seen advancements in skill development,” Patel said.
The emergence of new sectors has also led to further trade facilitation and talent growth, he added.
The event also featured a panel discussion on how CEPA has benefited India-UAE trade.
The panellists included Marwan Abdulaziz, Senior Vice President of Dubai Science Park, Dubai Knowledge Park, and Dubai International Academic City; Rishi Chadha, Vice President & Head-MENA of Tata Consumer Products; Dr. Rajesh Agarwal, Executive Director of RMZ Group and Sreekumar Brahmanandan, Investment Director at Dubai Investments PJSC, among others.
The panellists delved into sector-specific impacts of CEPA, discussing how the agreement has facilitated technology transfers, enhanced skills development, and created new talent demands in emerging sectors.
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