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Since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA), bilateral trade between India and UAE has witnessed tremendous growth of 20% when compared to the previous year. India’s exports to the UAE also recorded a remarkable growth of 12%, reaching US $ 31.3 billion in 2022-2023, as per the Department for Promotion of Industry and Internal Trade (DPIIT).
Rajesh Kumar Singh, Secretary, DPIIT and H.E Thani bin Ahmed Al Zeoudi, UAE Minister of State for Foreign Trade, jointly inaugurated the events to commemorate the first anniversary of the entry into force of the CEPA between India and the UAE. Speaking at the event, Sh. Rajesh Kumar Singh highlighted how the path-breaking India-UAE CEPA, which was negotiated in just 88 days, has become a significant turning point in the bilateral economic relations between the two countries.
For India, the CEPA with UAE is the first in the region and for UAE, it is their first ever CEPA. Welcoming the surge in investments from the UAE to India, Singh invited both companies to explore new sectors for investing in India, especially the renewable and digital sectors. The UAE is currently the seventh largest investor in India with an estimated investment of US$ 18 billion.
