Trade between India and the United Arab Emirates has increased significantly after the India-UAE Comprehensive Economic Partnership Agreement. This agreement came into force on 1st May 2022 and within a span of 11 months, exports from India to UAE grew nearly 12 per cent crossing USD 31 billion mark.
On completion of one year of this agreement, Commerce and Industry Secretary Sunil Barthwal in New Delhi said, several labour-intensive and emerging sectors have witnessed growth in terms of trade. He expressed hope that trade between India and UAE will reach USD 50 billion within five years of the start of CEPA.
According to the Commerce and Industry Ministry, the country's imports from UAE have witnessed 18.5 per cent growth during the last fiscal due to the increasing volume of oil imports. The Ministry said, automobiles, essential oils, mineral fuels, electrical machinery, gems and Jewellery are the key sectors that benefited from the CEPA. On the import side, aircraft, spacecraft parts, plastics, iron and steel sectors have witnessed the highest import from the UAE.