India-UAE bilateral trade to surpass $88 billion in FY 2022-23: Report
- Between April and August of the FY 2022-23, the bilateral trade stands at $36.82 billion.
The trade between India and United Arab Emirates is likely to surpass $88 billion in FY 2022-23, reported news agency ANI on 22 November.
After the United States and China, UAE is India's third largest trading partner. As per projection, the bilateral trade of $88 billion for current financial year may surpass FY 2021-22's figures of $73 billion.
Between April and August of the FY 2022-23, the bilateral trade stands at $36.82 billion.
Over $10 billion of investments have come from UAE in past couple of years, including some big ticket investments such as $2 billion in Reliance Jio and Reliance Retail in June 2020, $2 billion in Adani – renewable energy – in April 2022 and $1 billion in TATA Motors – electric vehicles – in October 2021.
Also, in December 2021, Reliance having invested $2 billion in petrochemicals joint venture in the UAE.
Apart from this, both India and UAE are also discussing making use of UPI as a payment platform for remittances from the 3.5 million-strong Indian community in the UAE.
Among others, India and UAE, under I2U2, are discussing an investment of $2 billion from the UAE to develop food corridors in India and another $300 million for building a 300 GW hybrid – wind and solar – power plant.
This year in February, UAE signed its first-ever Comprehensive Economic Partnership Agreement (CEPA) agreement with India, which was the first for India in the last ten years and it entered into force in May 2022.
As compared to April-August period of FY 2021-22, the bilateral trade was 38 per cent higher in current financial year of the same period. For this period, exports increased by 27 per cent while imports surged by 45 per cent largely due to higher crude prices.
In past 8 years, Prime Minister Narendra Modi visited UAE four times, while the Foreign Ministers have met four times in the last three months.
Meanwhile, United Arab Emirates' Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan is currently in India for a two-day official visit to strengthen the relationship between the two countries. He will meet with xternal Affairs Minister S Jaishankar as well.
With agency inputs.
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Business NewsEconomyIndia-UAE bilateral trade to surpass $88 billion in FY 2022-23: Report
First Published:22 Nov 2022, 06:52 PM IST
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