As per Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Commerce, the bilateral trade between India and the UAE has benefited from the Comprehensive Economic Partnership Agreement (CEPA) that the two countries signed in 2022.
“CEPA agreement has started a new chapter in India-UAE bilateral trade investments by catalyzing industrial output and increasing capital flows and sparking new joint ventures and innovations,” the UAE Minister said here speaking at the ‘India-UAE Business Forum’, organized by industry body FICCI.
On May 1, 2022, the UAE-India CEPA went into effect. The business forum's organizer, FICCI, reported that the UAE Minister had noted that non-oil bilateral commerce between the two countries totaled USD 50.5 billion in the first year of implementation. The UAE Minister also emphasized the necessity for further cooperation between the two countries to take advantage of possible new markets, such as the CIS, Africa, and East European nations.
“We are opening our markets, ensuring new engagements and partnerships and alliances to capture newer markets,” he added.
When discussing the potential of the services sector, Minister Thani pointed out that the rise in the middle-class income group is not only facilitating trade but also acting as a catalyst for economic growth in both countries.
“Together, we have established a powerful nexus of growth that can deliver long-term prosperity. Social, cultural, and economic relations between our countries go back a long time. Our markets are of huge strategic importance to each other and together we must keep exploring the possibilities for our partnership,” he said.