Non-oil trade between the UAE and India surged 10 percent during the first half of 2024 to $28.2 billion, stated Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, during his participation at the UAE-India Business Forum.
Total non-oil trade between the two countries rose by 3.94 percent from $51.4 billion in 2022 to $53.4 billion in 2023.
“The figures underline the benefits of the UAE-India CEPA, which has proved to be a major driver of industrial output, employment and global competitiveness, and provide the platform for greater collaboration in the months and years ahead,” added Al Zeyoudi.
Rising mutual investments
The minister also highlighted the remarkable growth of Emirati investments in India, which reached $3.3 billion last year. He also noted that Indian investments in the UAE exceeded $2 billion, demonstrating the strong economic ties between the two countries.
The UAE’s investments in India reached approximately $16.2 billion between 2019 to 2023, while Indian investments in the UAE reached $7.76 billion. The UAE’s investments in India span several sectors, including renewable energy, metals, software, IT services, chemicals, and original automotive equipment manufacturing.
Read: Abu Dhabi Crown Prince wraps up visit to India, reinforces bilateral bonds
UAE-India CEPA
The minister added that one of the objectives of the forum is to explore joint cooperation opportunities and continue to benefit from the Comprehensive Economic Partnership Agreement among business leaders and companies in both countries.
The UAE-India CEPA, inaugurated in May 2022 as the UAE’s first bilateral trade deal, facilitates greater access for UAE exports entering the Indian market, the reduction and removal of tariffs, the growth of cross-border trade, and the increased market access for UAE service providers. In addition, the agreement enhances access for UAE businesses to Indian government procurement opportunities.
Looking ahead, the two countries seek to bolster cooperation in healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.
For more news on logistics, click here.
