UAE-India Comprehensive Economic Partnership Agreement Boosts Non-Oil Trade to $50.5 Billion: Dr. Thani Al-Zeyoudi

Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, confirmed that the Comprehensive Economic Partnership Agreement between the UAE and India, since its entry into force in early May 2022, has contributed to creating real momentum in non-oil trade between the two friendly countries, which puts it on the right track to achieve the goal of reaching 100%. billion dollars by 2030.

His Excellency’s remarks came during an official visit to the Indian capital, New Delhi, at the head of a delegation comprising senior officials and business leaders to celebrate the one-year anniversary of the entry into force of the agreement and to participate in the first meeting of the Joint Committee of the Comprehensive Economic Partnership Agreement.

Al-Zeyoudi said that the Emirati-Indian comprehensive economic partnership is not just a trade agreement, but a platform for joint growth and constructive cooperation to increase the strategic importance of the two countries’ economies, stimulate the flow of mutual investments, and provide opportunities for the business communities in the two countries in a way that stimulates economic prosperity in them, as it is a true partnership for growth.

Dr. Thani Al-Zeyoudi met with India’s Minister of Commerce and Industry Piyush Goyal to celebrate the one-year anniversary of the Comprehensive Economic Partnership Agreement between the two countries and to review its achievements during the year of its implementation.

The two ministers reviewed the latest intra-non-oil trade figures, as preliminary data issued by the Ministry of Economy in the UAE indicate that in the period from May 2022 to April 2023, i.e. the first 12 months of the entry into force of the agreement, the value of bilateral non-oil trade amounted to 50.5 billion. US dollars, an increase of 5.8 percent over the same period last year.

For his part, the Indian Minister of Commerce and Industry affirmed that the Comprehensive Economic Partnership Agreement concluded between the Republic of India and the UAE played a prominent and vital role in consolidating joint economic and trade relations, pushing them for further growth and prosperity, and creating a momentum of opportunities and enablers for the Emirati and Indian business communities, indicating that the agreement achieved Distinctive and positive economic results that boosted the flow of trade exchanges between the two friendly countries.

His Excellency reviewed a number of economic initiatives, which would enhance investment cooperation between India and the UAE during the next stage, by taking advantage of the promising investment opportunities in the markets of the two countries.

The two ministers praised the constructive cooperation in implementing the agreement to achieve its objectives in promoting trade and investment, and affirmed the joint commitment to building a mutually beneficial partnership that achieves long-term prosperity in the two friendly countries.

The two ministers attended the conclusion of the work of the joint committee to follow up the progress made in the Comprehensive Economic Partnership Agreement, which held its first meeting in the Indian capital, New Delhi, coinciding with the first anniversary of the implementation of the agreement.

The joint committee aims to assess the impact of the agreement, exchange data and experiences, review implementation issues, revise customs duties and quotas, recommend any necessary amendments, work to overcome any challenges, and communicate about private sector observations from both sides.

The committee is also responsible for exploring ways to improve dispute resolution mechanisms, including establishing sub-committees, and identifying areas for modifications to meet the specific needs of both sides.

For his part, Assistant Undersecretary for the Industrial Development Sector at the Ministry of Industry and Advanced Technology, Abdullah Al Shamsi, stressed the important role of the joint committee in ensuring a mutually beneficial partnership with a long-term impact between the two friendly countries.

He said, “The Comprehensive Economic Partnership Agreement between the UAE and India was designed so that it is flexible and can adapt continuously to changes in the economic climate and the evolving needs of both sides, and to the experiences of both sides in terms of implementation and benefit, and to ensure the ability of the two countries to reap the maximum benefits from the agreement. The meetings of the joint committee will enable us to develop the economic partnership.” which we concluded last year, which opens broader horizons of new opportunities for the business communities in the two friendly countries.”

After attending the conclusion of the Emirati-Indian Joint Committee, His Excellency Thani Al-Zeyoudi and His Excellency Piyush Goyal delivered a speech before a meeting of business leaders from the UAE and India. They also discussed the visions and ideas of the private sectors in the two countries about their experiences under the umbrella of the Economic Partnership Agreement, in addition to ways to explore new opportunities with high potential. Benefit to both sides. The Comprehensive Economic Partnership Agreement between the UAE and India is the first to be concluded by the country within the program of global economic agreements aimed at expanding the country’s network of trading partners and achieving strategic plans to double non-oil foreign trade to 4 trillion dirhams and UAE exports to 800 billion dirhams by 2031. This agreement was canceled or reduced Customs duties on more than 80 percent of goods and products exchanged between the UAE and India, and new platforms for cooperation between small and medium-sized companies have been developed and mutual investment flows have been enhanced, especially in priority sectors. After the agreement with India, the UAE has so far concluded four other similar agreements with Israel, Indonesia, Turkey and Cambodia.

It is noteworthy that the UAE delegation included His Excellency Dr. Abdel Nasser Al Shaali, UAE Ambassador to India, His Excellency Abdullah Al Shamsi, Assistant Undersecretary for the Industrial Development Sector at the Ministry of Industry and Advanced Technology, as well as a group of business leaders in priority sectors and officials of a group of major companies such as Borouge, Kizad Group, DP World, Al Serkal Group, Al Rawabi, Al Ain Farms, Al Ghurair Group, Dubai Multi Commodities Center, Emirates NBD Bank, and others.