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01.03.24 16:16
Economics

Non-oil trade between India and the UAE grows by 16 per cent since 2022

This was after the signing of the Comprehensive Economic Partnership Agreement


Bilateral non-oil trade between India and the UAE has grown by 16 per cent to US$50 billion since the signing of the Comprehensive Economic Partnership Agreement (CEPA). This is reported by ANI, a partner of TV BRICS.

The goal of the authorities of both states is to approach $100bn by the end of this decade, the publication notes.

The UAE-India CEPA Council (UICC), in collaboration with the Confederation of Indian Industry (CII), held a business roundtable for exporters from Chennai to promote the economic partnership.

The roundtable was attended by over 20 trade participants from various sectors such as logistics, automotive, agriculture and healthcare. The roundtable provided a platform for business owners to discuss opportunities to benefit from CEPA and bilateral strategic partnership.

CEPA is an agreement signed on 18 February 2022 during a virtual summit between Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan. The treaty came into force on 1 May 2022.

Among the key products that have seen significant growth in bilateral trade are listed: mineral fuels, electrical equipment (especially telephone equipment), gems and jewellery, essential oils and cosmetics, rice, coffee and tea, and spices.

Photo: IStock

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