India-UAE bilateral trade under CEPA sees 16% rise between 2021-22 & 2022-23

By siliconindia  |  Tuesday, 02 May 2023, 08:50:20 AM IST

India-UAE bilateral trade under CEPA sees 16% rise between 2021-22 & 2022-23
Bilateral trade between India and the UAE under the comprehensive economic partnership agreement (CEPA) has increased from $72.9 billion (April 2021-March 2022) to $84.5 billion (April 2022-March 2023), registering a year-on-year growth of 16 percent, Commerce Secretary Sunil Barthwal said on the first anniversary of CEPA.
CEPA is a full and deep agreement which was signed on February 18, 2022, during a virtual summit between Prime Minister Narendra Modi, and President of the UAE and the ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan. The CEPA came into force from May 1, 2022. During the CEPA implementation period (i.e. from May 2022 to March 2023), bilateral trade increased from $67.5 billion (May 2021-March 2022) to $76.9 billion (May 22-March 2023), showing an annual increase of 14 percent, official sources said.
Exports from India to the UAE have also risen, as during the April-March period, Indian exports to the UAE increased from $28 billion to $31.3 billion, an increase of around $3.3 billion or 11.8 percent year-on-year. During the same period, growth in India's global exports was 5.3 percent, excluding the UAE, India's global exports grew at 4.8 percent.
During the CEPA implementation period, India's exports to the UAE increased from $26.2 billion (May 2021 - March 2022) to $28.5 billion (May 2022 - March 2023), a rise of 8.5 percent. During the same period, India's global exports, excluding the UAE, grew at 3.1 percent. India's imports from the UAE have grown to $53.2 billion (an annual increase of 18.8 percent) during April 2022 to March 2023. Non-oil imports during the same period grew by 4.1 per cent.
Source: IANS

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