Blitz Bureau
THE India-United Arab Emirates (UAE) comprehensive economic partnership agreement (CEPA) signed on February 18, 2022 completed three successful years which saw bilateral trade nearly doubling from $43.3 billion in FY 2020-21 to $83.7 billion in 2023-24, the Commerce and Industry Ministry said on February 18.
During the nine-month period of April-December of the current financial year the bilateral trade has already reached $71.8 billion, the statement said.
At the product level, smartphones have emerged as a major item of export with shipments valued at $2.57 billion bound for the UAE during FY 2023-24.
CEPA is a full and deep agreement which was signed during a virtual summit between Prime Minister Narendra Modi and the President of the UAE and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan. It came into effect on 1, May 2022.
CEPA has been successful in realising its potential of diversification of the trade basket as non-oil trade touched $57.8 billion in FY 2023-24 accounting for more than half of the total trade. This is attuned to the target of taking bilateral non-oil trade to $100 billion by 2030.
In terms of utilisation of CEPA, preferential duties are concerned, since coming into force, nearly 2,40,000 certificates of origin have been issued against which a total export of $19.87 billion has been made to the UAE.
In terms of India’s exports, nonoil exports reached $27.4 billion in FY 2023-24 recording an average growth of 25.6 per cent since CEPA came into force, according to official figures.
At the sectoral level, besides refined crude oil products and gems and jewellery products, electrical machinery and equipment, light and medium-high technology goods like boilers, generators and reactors and organic and in-organic chemicals have been major achievers. Since the signing of the agreement, both governments have strived to address challenges faced by each other’s exporters through regular high-level meetings and technical discussions between the officials.