India-UAE bilateral trade grew 20% in 2022-23

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IANS | 08 May, 2023
Since the Comprehensive Economic Partnership Agreement (CEPA) came into existence, bilateral trade between India and UAE witnessed tremendous growth of 20 per cent in 2022-23 as against the previous year.

India's exports to the UAE also recorded a remarkable growth of 12 per cent, reaching $31.3 billion in 2022-2023.

This was stated by Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh, who along with UAE's Minister of State for Foreign Trade Thani bin Ahmed Al Zeoudi on Monday jointly inaugurated the events to commemorate the first anniversary of the implementation of CEPA, in Abu Dhabi.

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 the UAE is the first in the region and for the UAE, it is their first-ever CEPA.

As part of the CEPA celebrations, the DPIIT Secretary also inaugurated the Kerala Pavilion at the annual investment meeting in Abu Dhabi.

He also 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, 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 $18 billion.