The commerce ministry in its latest data has showed that the
bilateral trade between India and the UAE grew 21.35 per cent to $80.51 billion
during the April-January period this fiscal year. While India's exports to the
UAE rose 6.82 per cent to $30 billion during the first 10 months of this fiscal
year, imports during this period rose 35.58 per cent to $50.51 billion.
The ministry said the trade is registering healthy growth
after implementation of a free trade agreement (FTA) between the two countries
in May 2022. The India-United Arab Emirates (UAE) Comprehensive Economic
Partnership Agreement (CEPA) is completing three years of its signing on
February 18, 2025.
It said in terms of utilisation of CEPA, preferential duties
are concerned, since coming into force, nearly 2,40,000 certificates of origin
have been issued against which total export of $19.87 billion have been made to
the UAE. It also said the agreement has been successful in realising its
potential of diversification of trade basket as non-oil trade touched $57.8
billion in 2023-24 accounting for more than half of the total trade. This is
attuned to the target of taking bilateral non-oil trade to $100 billion level
by 2030.
At the sectoral level, it said besides refined crude oil products and gems and jewellery products, electrical machinery and equipment, light and medium high technology goods like boilers, generators and reactors and chemicals have been major achievers. Besides, at the product level, smartphones have emerged as a major item of export with shipments valued $2.57 billion bound for the UAE during 2023-24.
Source: Ace Equity
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