Non-oil trade between India and United Arab Emirates (UAE) has hit the $45.5 billion mark during the first 11 months of the Comprehensive Economic Partnership Agreement (CEPA), a bilateral deal between these two countries.
UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, revealed the number during the inaugural day of the Annual Investment Meeting (AIM) held in Abu Dhabi ahead of CEPA’s first anniversary.
Despite a decline in global trade in the third (Q3) and fourth (Q4) quarters of last year, this shows a 6.9% gain in the previous 12 months.
During his address, Al Zeyoudi remarked that the trade between the two countries rose by 24.7% in Q1 2023 compared to last quarter, with non-oil exports from UAE to India climbing by 33%.
He stressed that the goal of CEPA is to increase the flow of goods and services between the two nations. He believed that this will not only enhance the export sector but also drive industrial output and create an era of prosperity.
Al Zeyoudi continued that over the last year, UAE and India have recognized that their economies can function smoothly when barriers are removed, facilitated cooperation, and built trust.
Secretary of India’s Department for Promotion of Industry and Internal Trade, Shri Rajesh Kumar Singh, lauded the transparency of the UAE-India ties since the beginning of CEPA negotiations, describing them as essential factors for a long-term partnership.
The CEPA, which went came into effect on 1 May 2022, is UAE’s first bilateral trade deal and a step towards the country’s new global trade agenda. To speed up the economic recovery and protect key supply chains, the agenda aims to form close ties with important allies worldwide.
this not good for Pakistan