India, UAE on track to surpass US$ 100 billion non-oil trade target by 2030

Since implementing the free trade agreement in May 2022, India-UAE trade has surged by 15%, according to CEPA Council Director Mr. Ahmed Aljneibi. The two nations are poised to exceed the target of US$ 100 billion in non-oil trade by 2030, a milestone facilitated by the Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022.

He addressed a business roundtable in Jaipur that highlighted the rapid growth in bilateral trade, emphasizing the importance of the CEPA in fostering this expansion. Rajasthan-based enterprises spanning various sectors participated in the event to enhance UAE-India economic ties. The UAE ranks as India's second-largest export destination, third-largest trading partner, and fourth-largest investor, with bilateral trade totalling US$ 85 billion and UAE's foreign direct investment in India reaching US$ 3.3 billion in 2023. He emphasized the UICC's commitment to ensuring inclusive opportunities for businesses of all sizes and sectors to benefit from the CEPA. Additionally, he underscored Rajasthan's diverse economy and robust trading relationship with the UAE, reaching US$ 450 million in 2023, as conducive to fostering mutually beneficial ties.

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