The Embassy of the UAE in New Delhi celebrated the second anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between UAE and India on Wednesday.
The UAE-India CEPA, which came into existence on May 1, 2022, offers several trade benefits to the two countries, including the elimination and reduction of tariffs, an open trade environment, and enhanced market access for service providers across various sectors.
The second anniversary of the collaboration of the bilateral trade reflected on the considerable strides achieved by the CEPA in fostering economic growth and collaboration across critical sectors.
After CEPA, the bilateral exchanges increased from $72.9 billion (Apr 21-Mar 2022) to $84.5 billion (Apr 22-Mar 2023) registering a year-on-year increase of 16 per cent.
Major Indian export sectors have benefited from CEPA, with the export of Indian gems and jewellery to the UAE expanding by almost 64 per cent in only two years.
Considerable growth has also been seen in various other export sectors, including drugs and pharmaceuticals, and fruit and vegetable products.
CEPA has facilitated numerous investment benefits and has contributed significantly to the development of several economically transformative projects such as Bharat Mart in Dubai.
Speaking on the occasion, His Excellency Dr. Abdulnasser Alshaali, Ambassador of the UAE to India, said, “The UAE-India CEPA has emerged as a resounding success story, solidifying our nations' long-standing economic ties and ushering in a new era of prosperity. Over the past two years, we have witnessed remarkable growth in bilateral trade, a testament to the immense potential that exists when our complementary strengths are harnessed effectively. The CEPA has not only opened new avenues for businesses to benefit from the bilateral partnership, but has also fostered deeper integration of our economies, paving the way for increased investment flows and collaboration across diverse sectors.”
