India-UAE bilateral trade reaches all-time high of $84 bn in FY23 after CEPA: DPIIT secy

India-UAE bilateral trade has reached an all-time high of $84 billion during the financial year 2022-23 after the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), said Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry. 

Singh made the remarks while participating in a Business-to-Business (B-2-B) event organized by the Gems and Jewellery Export Promotion Council (GJEPC) as part of the celebrations of the first anniversary of the implementation of the CEPA.

The secretary emphasized that the CEPA has significantly transformed the India-UAE partnership by providing renewed impetus and momentum to an already close and strong relationship. The DPIIT Secretary also noted that around 100 companies from India and the UAE, including representatives from Export Promotion Councils (EPCs) from India, participated in the B-2-B event, which was held in Dubai, UAE. 

Singh and other members of the Indian delegation also visited the International Jewellery Exposition Centre in Dubai and the Indian Pavilion at the Dubai Expo.

The commemorative events, titled “CEPA – Beyond Trade,” to mark the India-UAE CEPA Anniversary were jointly inaugurated by DPIIT secretary and Thani bin Ahmed Al Zeoudi, UAE Minister of State for Foreign Trade. Singh also held one-on-one meetings with senior representatives of Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company – sovereign wealth funds (SWFs) of the UAE.

The two-day visit to the UAE of the Indian delegation led by the DPIIT secretary concluded today. The visit took place in the context of the joint celebrations being organized by the UAE and India to mark the important milestone of the first anniversary of the implementation of the CEPA.