Team Blitz India
NEW DELHI: On the occasion of the first anniversary of the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) on May 1, Commerce Secretary Sunil Barthwal congratulated the people of India and the UAE. He also talked about CEPA’s role as a growth engine for India-UAE bilateral trade over the past 11 months.
CEPA is a full and deep agreement signed on 18 February 2022, during a virtual summit between Prime Minister NarendraModi and the President of UAE Sheikh Mohamed bin Zayed Al Nahyan. The agreement came into force from 1 May 2022.
The Commerce Secretary said that both sides were continuing to work together to further improve Ease of Doing Business between the two countries.
During the past one year, CEPA has made a significant impact on India’s bilateral trade with the UAE which increased 16 per cent, from US$ 72.9 billion (April 21-March 2022) to US$ 84.5 billion (April 22-March 2023).
Exports from India to the UAE also increased from US$ 28 billion to US$ 31.3 billion during AprilMarch, an increase of around US$ 3.3 billion or 11.8 per cent. During the same period, growth in India’s global exports was 5.3 per cent, excluding the UAE.
During the CEPA implementation period (May 22 – March 23), India’s exports to the UAE increased from US$26.2 billion (May 21 – March 22) to US$28.5 billion (May 22 – March 23); an 8.5 per cent.
