Encouraged by the growth in bilateral trade in the first 12 months since signing the Comprehensive Economic Partnership Agreement (CEPA), India and the UAE on Monday more than quadrupled their non-petroleum trade objective to $100 billion by 2030.
According to Piyush Goyal, the minister of business and industry for India, the UAE and rupee-dirham trade negotiations are expected to conclude soon.
Piyush Goyal, the minister of commerce and industry, and Thani bin Ahmed Al Zeyoudi, the UAE's minister of state for foreign trade, made the announcement following the inaugural meeting of the joint committee of the India-UAE CEPA, which went into effect on May 1 of last year. The previous goal was $48 billion.
Bilateral non-oil trade increased 5.8% year over year to $50.5 billion in the first year of the India-UAE CEPA. In the first three months of the year, it was $13.2 billion, a 16.3% increase from the prior quarter according to
import export data.
There can be little query that our deal is having the desired impact,” said Al Zeyoudi, adding that these figures came amid a sharp decline in global trade in the third and fourth quarters in 2022, proving that “we have created a real nexus of growth.
However, Piyush Goyal expressed hope about an early outcome on the rupee-dirham trade with the UAE. “Both countries have made vital progress on this issue. The central banks are in touch and our finance ministry is very supportive,” Goyal stated.
He stated that other digital technologies, which are developing, will become a part of the UAE-India framework. In the coming months, we will await for ultimate outcomes very soon,” he stated.
