In the recent past, we have seen significant efforts being made by the visionary leaders of the UAE and India to foster and enhance bilateral trade. Various historic bilateral agreements and MoUs have come into force to achieve this objective.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), implemented in May 2022, positively boosted bilateral trade ecosystem. In the fiscal year 2022-23, trade between the UAE and India reached a historic high of around $84.5 billion. Two-way trade between India and the UAE grew to $84.5 billion between April 2022 and March 2023, a 16 per cent year-on-year growth from $72.9 billion recorded between April 2021 and March 2022.
Furthermore, both countries are extensively exploring opportunities to diversify trade. The diversification of traded commodities can broaden the scope of economic cooperation and make local currency transactions even more versatile. “The UAE and India are now eager to cooperate closely in sustainable industrial development following the signing of a MoU. The MoU encompasses various aspects of cooperation geared to promote industrial investments, with an emphasis on advanced industries, energy transition solutions, healthcare, and space. It will also aim to develop innovative and technological solutions to support sustainability and climate neutrality efforts,” says Abdul Moiz Khan, CEO and Managing Partner of Fursa Consulting, a leading Dubai Economic Department (DED)-licensed corporate advisory firm operating since 2014.
“Judicial reform is another important element in establishing legal protection. Recognising this, the Indian government issued a gazette notification in 2020 highlighting that foreign civil judgments passed by courts in the UAE can be executed in Indian courts since the UAE has been declared as a “reciprocating territory” as per Section 44A of the Indian Code of Civil Procedure (CPC) 1908. Considering the immense business potential, Fursa has made significant business prospects in India through its affiliating partners,” says Khan.