 "'India, UAE on track to surpass $100 bn non-oil trade target by 2030'")
India and UAE trade has increased 15 per cent since the implementation of the free trade agreement in May 2022 and the two countries are on track to surpass the target of $100 billion in non-oil trade by 2030, CEPA Council Director Ahmed Aljneibi said on Wednesday.
The UAE-India CEPA Council (UICC) was launched on the sidelines of the Vibrant Gujarat Summit in January.
The two countries implemented the Comprehensive Economic Partnership Agreement (CEPA) in May 2022.
Aljneibi said the UAE-India trading relationship has grown rapidly since the signing of the Comprehensive Economic Partnership Agreement (CEPA).
"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 $100 billion in non-oil trade by 2030," he said.
Aljneibi was speaking at a business roundtable meet in Jaipur. Rajasthan-based enterprises from diverse sectors, including pharmaceuticals, gems and jewellery, tourism, textiles, renewable energy, auto components and healthcare participated in the event. It was convened by the UAE-India CEPA Council (UICC), in collaboration with the Confederation of Indian Industry (CII).
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The event acts as a platform to explore new avenues and opportunities for Indian enterprises to expand their engagement with the UAE.
The UAE stands as India's second-largest export destination, third-largest trading partner, and fourth-largest investor. The bilateral trade has totalled $85 billion and the UAE's foreign direct investment into India has increased to $3.3 billion in 2023.
Aljneibi stressed that UICC's mandate is to ensure that the UAE and Indian businesses, no matter their size or sectorial focus, have inclusive and open pathways to benefit from the CEPA.
Rajasthan's highly diverse economy and strong trading ties with the UAE - which reached $450 million in 2023 - represents a natural fit for the development of mutually beneficial ties, he added.