How CEPA Transformed India-UAE Trade in Just 3 Years-Report
This is the third year that India and the UAE have signed the CEPA agreement on February 18, 2022. UAE has signed nearly doubled in just three years under the Comprehensive Economic Partnership Agreement (CEPA), growing from $43.3 billion in 2020-21 to $83.7 billion in 2023-24, as per the Commerce and Industry Ministry.
According to the reports from April to December 2023, the trade between these two nations already hit a record of $71.8 billion. Smartphones are a major export, contributing of a $2.57 billion.CEPA came into effect on May 1, 2022, and non-oil trade has surged to $57.8 billion, to reach $100 billion by 2030.
Over 2,40,000 certificates of origin have helped Indian businesses export $19.87 billion worth of goods under reduced tariffs. Key exports include gems & jewelry, electronics, petroleum products, and chemicals.
Both countries are working to resolve trade challenges through high-level discussions. Recently PM Modi has inaugurated Bharat Mart in Dubai. This aims to help Indian businesses to expand globally.
So, after the years the analysis and reports are indicating that the CEPA agreement has opened the door for new opportunities to create jobs, support MSMEs, and strengthen the economic partnership between India and the UAE.
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