India-UAE CEPA Negotiated in Just 88 Days
09 May 2023: Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) and H. E. Thani bin Ahmed Al Zeoudi, UAE Minister of State for Foreign Trade, jointly inaugurated the events to commemorate first anniversary of entry into force of Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. Speaking at the event, 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, CEPA with UAE is first in the region and for UAE, it is their first ever CEPA. Since the entry into force of 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$31.3 billion in 2022-2023.
As part of CEPA celebrations, Rajesh Kumar Singh inaugurated Kerala Pavilion at Annual Investment Meeting in Abu Dhabi. He held meetings with the senior leadership of Abu Dhabi Investment Authority and Mubadala, the top UAE investors in India. Welcoming the surge in investments from the UAE to India, Rajesh Kumar Singh invited both companies to explore new sectors for investing in India, especially the renewable and digital sectors. UAE is currently seventh largest investor in India with an estimated investment of US$ 18 billion.
“CEPA – Beyond Trade” commemorative event included food and fashion pavilions, sharing of the success stories of the historic trade bonds between India and the UAE and panel discussions on future areas of cooperation.
The visit of Secretary, DPIIT to UAE is his first official trip abroad since assumption of office in April 2023, indicating significance India attaches to close relationship with UAE.
