UAE-India Non-Oil Trade Grows 10% In First Half Of 2024: Al Zeyoudi

Non-oil trade between the UAE and India saw a 10% increase in the first half of this year, according to Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade. He made these remarks during the UAE-India Business Forum held in Mumbai, organised by the Ministry of Economy and the UAE Embassy in New Delhi, in collaboration with India's Ministry of Commerce and Industry.

The forum aims to explore joint cooperation opportunities and leverage the Comprehensive Economic Partnership Agreement (CEPA) among business leaders from both nations. Dr Al Zeyoudi highlighted that Emirati investments in India reached $3.3 billion last year, while Indian investments in the UAE surpassed $2 billion, showcasing robust economic ties.

Significant Growth in Bilateral Trade

The forum builds on consistent growth in bilateral non-oil trade, which hit $28.2 billion in the first six months of 2024—a 9.8% rise compared to the same period in 2023. This increase is notable given the global decline in trade growth during H1 2024. The figures underscore the benefits of CEPA, which has boosted industrial output, employment, and global competitiveness.

Dr Al Zeyoudi stated, "The India-UAE Business Forum is another important opportunity to bring our business leaders together to discuss areas of mutual benefit and develop networks that will support our respective economic growth and diversification objectives."

Impact of CEPA on Various Sectors

The UAE-India CEPA has significantly advanced trade between the two countries. Bilateral exchanges rose from $73 billion (April 2021 to March 2022) to $84 billion (April 2022 to March 2023), marking a 16% year-on-year increase. Multiple sectors have seen substantial growth due to this agreement.

For example, gems and jewellery exports to the UAE surged by nearly 64% over two years. Additionally, industries such as drugs and pharmaceuticals and horticulture (fruits and vegetables) have also experienced considerable expansion.

Investment Opportunities

The CEPA has paved the way for numerous investment opportunities by UAE entities in India. It has also driven significant Indian investments in the UAE, including one of the largest marketplaces for international buyers and sellers to trade locally and globally.

The forum serves as a platform for business leaders from both countries to discuss mutual benefits and develop networks that will support economic growth and diversification objectives. The event highlights how strategic partnerships can lead to shared prosperity.

The ongoing collaboration between India and the UAE continues to yield positive results across various sectors. The strong economic ties are expected to foster further growth and development for both nations.