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India-UAE bilateral trade has witnessed a growth of 20% over the previous year
The path-breaking Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE was negotiated in less than three months, a top Indian official has revealed one year after the pact was implemented.
Speaking at an event to mark the anniversary in Abu Dhabi on Monday (May 8, 2023), Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said the 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. UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeoudi was present at the event.
This CEPA is unique since it is the first ever for the UAE and the first in the region for India. According to official data, since the entry into force of CEPA, bilateral trade between India and UAE has witnessed tremendous growth of 20% when compared to the previous year. India’s exports to the UAE also recorded a remarkable growth of 12%, reaching US $ 31.3 billion in 2022-2023.
Singh opened the Kerala Pavilion at the Annual Investment Conference in Abu Dhabi as part of the CEPA celebrations. He also held meetings with the top executives of the Abu Dhabi Investment Authority and Mubadala, the top UAE investors in India.
Speaking at the meeting, Singh welcomed the increase in UAE investments in India and asked both companies to look into new sectors for investment in India, particularly in the digital and renewable sectors. The UAE is currently the seventh largest investor in India with an estimated investment of US$ 18 billion.
In addition, DPIIT Secretary Singh will also inaugurate the International Jewellery Exposition Centre in Dubai and will be the chief guest at the Gems and Jewellery Export Promotion Council (GJEPC), a multi-sector B-2-B event.
The Secretary DPIIT's visit to the UAE is his first official tour after taking office in April 2023, demonstrating the importance India places on its close ties with the UAE.
Speaking at an event to mark the anniversary in Abu Dhabi on Monday (May 8, 2023), Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said the 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. UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeoudi was present at the event.
This CEPA is unique since it is the first ever for the UAE and the first in the region for India. According to official data, since the entry into force of CEPA, bilateral trade between India and UAE has witnessed tremendous growth of 20% when compared to the previous year. India’s exports to the UAE also recorded a remarkable growth of 12%, reaching US $ 31.3 billion in 2022-2023.
Singh opened the Kerala Pavilion at the Annual Investment Conference in Abu Dhabi as part of the CEPA celebrations. He also held meetings with the top executives of the Abu Dhabi Investment Authority and Mubadala, the top UAE investors in India.
Speaking at the meeting, Singh welcomed the increase in UAE investments in India and asked both companies to look into new sectors for investment in India, particularly in the digital and renewable sectors. The UAE is currently the seventh largest investor in India with an estimated investment of US$ 18 billion.
In addition, DPIIT Secretary Singh will also inaugurate the International Jewellery Exposition Centre in Dubai and will be the chief guest at the Gems and Jewellery Export Promotion Council (GJEPC), a multi-sector B-2-B event.
The Secretary DPIIT's visit to the UAE is his first official tour after taking office in April 2023, demonstrating the importance India places on its close ties with the UAE.
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