India-UAE CEPA Started New Chapter in Bilateral Trade

23 September 2023: Dr. Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade emphasized that the India-UAE CEPA agreement has benefited the bilateral trade between the two nations. “CEPA agreement has started a new chapter in India-UAE bilateral trade investments by catalyzing industrial output and increasing capital flows and sparking new joint ventures. In first 12 months since implementation, total value of non-oil bilateral trade reached $50.5 billion.” he added.

Addressing ‘India-UAE Business Forum’, organized by FICCI, Dr. Thani highlighted on need for more collaboration between the two nations to capture newer markets with potential which include the CIS, Africa and East European countries. We are opening our markets, ensuring new engagements and partnerships & alliances to capture newer markets, he added.

Minister Dr. Thani while speaking on the potential of the services sector stated that with the rise in the middle-class income group, is not only benefiting trade but also acting as the engine of growth for both nations. “Together, we have established a powerful nexus of growth that can deliver long-term prosperity. Social, cultural and economic relations between our countries go back a long time.” he emphasized.

Subhrakant Panda, President, FICCI said, “India-UAE bilateral relation is driven by shared cultural linkage and trade ties. The UAE-India CEPA, which came into effect on May 1, 2022, truly embodies the spirit of mutual and beneficial cooperation and will usher in an era of economic collaboration that will be beneficial for both nations. While a significant boost is expected for UAE exports to India, conversely UAE will be the gateway for India’s export to West Asia and North Africa.”