India and UAE set to exceed the US$ 100 billion non-oil trade target by 2030.

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India and UAE set to exceed the US$ 100 billion non-oil trade target by 2030.

Team Finance Saathi

25/Apr/2024

Key Points:

CEPA Boost: India-UAE trade sees a 15% surge following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022.
2030 Milestone: With the momentum from CEPA, the two nations aim to surpass the US$ 100 billion target in non-oil trade by 2030, indicating a promising trajectory for economic cooperation.
Inclusive Growth: CEPA fosters inclusive opportunities for businesses of all sizes and sectors, as highlighted by the UAE-India Chamber of Commerce's commitment to ensuring mutual benefits.

In May 2022, a pivotal moment unfolded in the economic landscape of India and the United Arab Emirates (UAE) as they embarked on a journey of enhanced bilateral trade cooperation. The implementation of the Comprehensive Economic Partnership Agreement (CEPA) marked the dawn of a new era, triggering a remarkable 15% surge in trade between the two nations. At a recent business roundtable in Jaipur, Mr. Ahmed Aljneibi, Director of the CEPA Council, shed light on this significant progress, underlining the transformative role of CEPA in fostering economic expansion.

CEPA: Catalyst for Growth

The CEPA, inked in May 2022, emerged as a catalyst propelling India-UAE trade to unprecedented heights. This landmark agreement dismantled barriers and streamlined processes, facilitating smoother trade flows and unlocking previously untapped economic potential. Mr. Aljneibi's remarks underscored the tangible impact of CEPA, as evidenced by the substantial surge in bilateral trade volumes. With tariffs slashed and regulatory hurdles minimized, businesses on both sides of the partnership found themselves poised for growth and exploration of new opportunities.

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A Vision for 2030: Surpassing Milestones

Buoyed by the success of CEPA's initial implementation, India and the UAE set their sights on ambitious milestones. One such target looms on the horizon: surpassing the US$ 100 billion mark in non-oil trade by 2030. This aspirational goal symbolizes not only the depth of economic collaboration between the two nations but also their shared commitment to sustained growth and prosperity. As Mr. Aljneibi articulated, the trajectory set by CEPA paves the way for continued expansion, offering a glimpse into a future characterized by robust trade relations and mutual benefit.

Inclusive Opportunities: Nurturing Business Ecosystems

Central to the ethos of CEPA is the notion of inclusive growth, wherein opportunities abound for enterprises of all sizes and sectors. The UAE-India Chamber of Commerce (UICC), in its steadfast dedication, ensures that the benefits of CEPA permeate through the fabric of both economies. By fostering an environment conducive to collaboration and innovation, CEPA empowers businesses to thrive and contribute meaningfully to economic prosperity. Mr. Aljneibi reiterated the UICC's unwavering commitment to ensuring that no entity is left behind, emphasizing the importance of inclusivity in driving sustainable development.

Rajasthan: A Pillar of Economic Cooperation

Amidst the broader canvas of India-UAE economic ties, Rajasthan emerges as a vibrant hub of trade and commerce. The state's diverse economy and robust trading relationship with the UAE serve as a testament to the efficacy of CEPA in fostering mutually beneficial ties. In 2023 alone, trade between Rajasthan and the UAE soared to a commendable US$ 450 million, reflecting the symbiotic nature of their partnership. As Mr. Aljneibi highlighted, Rajasthan's strategic positioning and conducive business environment position it as an integral player in the unfolding narrative of India-UAE economic cooperation.

Conclusion: A Path Forward

The journey embarked upon by India and the UAE, propelled by the Comprehensive Economic Partnership Agreement, is one defined by promise and potential. As trade volumes surge and ambitious milestones beckon on the horizon, CEPA stands as a testament to the transformative power of collaboration. Through inclusivity, vision, and a shared commitment to prosperity, the partnership between India and the UAE charts a course towards a future characterized by mutual growth and prosperity. With Rajasthan's dynamic economy adding depth to this narrative, the stage is set for a journey of boundless opportunities and shared successes.

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India and UAE set to exceed the US$ 100 billion non-oil trade target by 2030.

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