Thani Al Zeyoudi, Piyush Goyal mark one year of UAE-India CEPA, review trade data
UAE-India non-oil trade reached $50.5 billion in the first 12 months of the CEPA
New Delhi: Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, held a bilateral meeting with Piyush Goyal, India’s Minister of Commerce and Industry, in New Delhi, to celebrate the first year of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations and review the newly released trade data.
Initial figures from the UAE Ministry of Economy indicate that from May 2022 to April 2023, the first 12 months of the CEPA, bilateral non-oil trade reached $50.5 billion, a 5.8 per cent year-on-year increase. The two ministers commended the effectiveness of the CEPA in promoting trade and investment, and restated their shared commitment to building a mutually beneficial partnership that delivers long-term prosperity.
Al Zeyoudi said: “Since the implementation of the CEPA between the UAE and India, we have witnessed real momentum in bilateral non-oil trade, which is keeping us on course to reach our target of $100 billion by 2030. But this was always more than just a trade deal, and the increased investment flows, joint ventures and deeper market penetration underline the real potential of the agreement. Our visit this week was both a celebration of the achievements to date and an opportunity to strengthen what is becoming a genuine partnership for growth.”
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Goyal affirmed that the CEPA played a prominent role in consolidating economic and trade relations, driving further growth and prosperity and creating new opportunities and enablers for the private sector. The Indian minister also reviewed a number of economic initiatives, which will enhance the prospects for investment cooperation between India and the UAE by taking advantage of the promising investment opportunities in the markets of the two countries.
Coming into force on May 1, 2022, the UAE-India CEPA was the UAE’s first-ever bilateral trade deal and a cornerstone of its new foreign trade agenda. The agreement eliminated or reduced tariffs on more than 80 per cent of product lines, created new platforms for SME collaboration and promoted mutual investment flows, particularly into priority sectors. Following the deal with India, the UAE has now concluded a further four CEPAs with Israel, Indonesia, Türkiye and Cambodia.