The United Arab Emirates and India are working to enhance the benefits of the Comprehensive Economic Partnership Agreement (CEPA), which has been in effect since May 2022. This agreement has positively impacted trade and investment flows between the two nations, with non-oil bilateral trade continuing to thrive since its implementation.
As part of these efforts, Dr. Thani Al Zeyoudi, the UAE Minister of Foreign Trade, met with the Indian Business and Professional Council in Dubai to explore ways to strengthen economic ties and cooperation. The goal is to maximize the advantages of the CEPA by empowering the private sectors of both countries. This meeting is part of ongoing discussions aimed at elevating trade and investment relationships, fostering economic growth, and promoting mutual prosperity.
During the meeting, Al Zeyoudi highlighted India’s historical role as a key trading partner for the UAE, noting that non-oil trade between the two nations reached 65 billion USD in 2024, demonstrating a robust growth of 19.7% compared to the previous year. He stated, “India is a crucial partner in the UAE’s trade landscape. Today’s discussions focused on maximizing the benefits of the comprehensive economic partnership, enhancing collaboration, and creating broader opportunities for new partnerships between the business communities of both friendly nations.”
The CEPA with India, which commenced in May 2022, is the first agreement signed under the UAE’s initiative for comprehensive economic partnerships aimed at achieving ambitious goals for non-oil foreign trade. This agreement has been a key driver in uncovering integration opportunities and opening new avenues for cooperation in trade and investment across various sectors, including agriculture, renewable energy, and logistics.
Regarding the progress made since the signing of the agreement, Al Zeyoudi mentioned several significant initiatives that showcase the commitment of both sides to mutual growth and opportunities. He stated, “Since the beginning of this year, both parties have collaborated to launch a series of start-up initiatives between India and the UAE, supporting entrepreneurs and facilitating their entry into each other’s markets. We have also begun the ‘Bharat Mart’ project, a large complex in the UAE aimed at helping Indian manufacturers and exporters access global markets. Additionally, we are developing cross-border payment solutions and integrating payment systems, and we have established the UAE-India Comprehensive Economic Partnership Council to ensure that we fully capitalize on the opportunities presented by the agreement.”
The CEPA has already yielded tangible results in fortifying economic relations between the UAE and India since its inception in 2022. By reducing trade barriers and enhancing investment flows, the agreement has had a noteworthy positive impact on the significant growth of non-oil bilateral trade, solidifying both countries’ standings as key trading partners in the global market.