|
As India and the United Arab Emirates (UAE) completed 4 years of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Union Commerce and Industry Minister Piyush Goyal on Wednesday said the agreement has opened new sectoral opportunities and further reinforced India's position as a credible global trade hub.
In a social media post, the minister highlighted the significance of the agreement and said it marked a transformative step in strengthening economic cooperation between the two countries. "Stronger Together. Four years ago, under the decisive leadership of PM Narendra Modi ji, India and the UAE signed the transformative #IndiaUAECEPA, marking the beginning of a new chapter in our economic partnership. This agreement has created a ripple effect of progress across manufacturing, services, and agriculture, benefiting exporters, supporting MSMEs, strengthening agri-exports, and providing our farmers with access to premium global markets. It has opened new sectoral opportunities, further reinforcing India's position as a credible global trade hub," Goyal posted. According to the minister, the agreement has contributed significantly to enhancing bilateral trade and expanding sectoral cooperation between the two nations. Key developments of FY 2024-25 highlighted that bilateral trade crossed a historic milestone, to reach USD 100 billion. Non-oil trade between India and the UAE also reached approximately USD 68 billion, reflecting strong and diversified economic engagement. The UAE continues to remain one of India's top global trading partners, with several sectors witnessing strong export growth. High-growth sectors for exports include pharmaceuticals, gems and jewellery, agriculture, textiles, marine products, and engineering goods. In addition to merchandise trade, services exports have also shown strong performance, particularly in the IT sector, reflecting growing digital and knowledge-based engagement between the two countries. Initiatives such as Bharat Mart are expected to further institutionalise India's export presence in West Asia and strengthen long-term trade linkages. The minister also noted that CEPA has also played a key role in boosting investment flows. Foreign Direct Investment (FDI) inflows from the UAE into India have grown by nearly 75 per cent post-CEPA, highlighting increased investor confidence and deeper economic integration. The UAE currently ranks as India's 7th largest investor. Goyal added that the agreement has supported exporters, strengthened MSMEs, enhanced agricultural exports, and provided Indian farmers access to premium global markets, contributing to overall economic growth and trade expansion. (ANI)
|
