Dubai: Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE and India continue to benefit from their Comprehensive Economic Partnership Agreement (CEPA), which underscores their strategic commitment to enhancing bilateral relations across all sectors. This collaboration aligns with both nations' development ambitions, fostering economic growth and shared prosperity.
According to Emirates News Agency, Al Zeyoudi emphasized the significance of reciprocal visits by the leaders of UAE and India, which bolster strategic collaboration and open avenues for deeper partnerships, particularly in trade and investment. The recent official visit of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, to India, marks a milestone as the two countries near the third anniversary of CEPA, effective from 1st May 2022. This agreement, the first of its kind under the UAE's CEPA program, highlights the enduring ties between the two nations.
Al Zeyoudi highlighted the tangible benefits of CEPA, noting that over the past three years, it has significantly boosted bilateral trade and investment. Non-oil trade surged by 20.5%, amounting to over AED240 billion in 2024, compared to AED199.3 billion in 2023. This growth illustrates the substantial trade and investment opportunities between the two countries.
India emerged as the top destination for UAE's non-oil exports in 2024, representing 13.5% of total non-oil exports, a notable 75.2% increase from 2023. Al Zeyoudi pointed out that both countries are critical to each other's economies, with India being the UAE's second-largest trading partner globally, while the UAE ranks as India's third-largest trading partner.
Furthermore, India is the second-largest investor in the UAE, with investments totaling nearly US$10 billion by the end of 2022, accounting for a 6.3% share. Conversely, the UAE's cumulative direct investments in India reached approximately US$23 billion by the end of 2024, positioning it as India's seventh-largest global investor and the top Arab investor. The UAE's investment flow into India from April 2022 to December 2024 was valued at US$10.4 billion, aligned with the CEPA's implementation.