India and UAE Aim for $200 Billion Trade by 2032 Following $100 Billion Milestone
India-UAE trade crosses $100 billion, eyes $200 billion by 2032
Image: Asianet Newsable
India and the United Arab Emirates (UAE) have surpassed $100 billion in bilateral trade, driven by the Comprehensive Economic Partnership Agreement (CEPA). The UAE Ambassador to India announced a target of $200 billion by 2032, with trade growth exceeding 40%. The partnership is strengthened by the significant Indian diaspora in the UAE.
- 01The Comprehensive Economic Partnership Agreement (CEPA) was launched in 2022 and has significantly boosted trade between India and the UAE.
- 02Bilateral trade growth has exceeded 40%, reflecting the success of the CEPA.
- 03Union Minister of State for Commerce and Industry Jitin Prasada emphasized the importance of the 3.5 million Indians in the UAE as a vital link in the partnership.
- 04Prasada positioned India as a long-term economic partner for global investors, highlighting its favorable investment environment.
- 05The event included discussions on trade corridors and the signing of memorandums of understanding related to the UAE-India startup ecosystem.
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India and the United Arab Emirates (UAE) have achieved a significant milestone in their economic relationship, surpassing $100 billion in bilateral trade, thanks to the Comprehensive Economic Partnership Agreement (CEPA) initiated in 2022. At an event marking the fourth anniversary of the CEPA, UAE Ambassador to India Abdulnasser Alshaali announced a target of $200 billion in trade by 2032, with current growth rates exceeding 40%. The CEPA has deepened economic ties and facilitated discussions among policymakers and business leaders on trade, investment, and innovation. Union Minister of State for Commerce and Industry Jitin Prasada highlighted the importance of the 3.5 million Indians residing in the UAE, who serve as a crucial link in this partnership. He also positioned India as a long-term economic partner for global investors, emphasizing the country's commitment to a transparent and rule-based investment environment. The event featured the launch of a booklet titled 'The UAE-India CEPA at Four' and included various panel discussions and memorandums of understanding aimed at enhancing the startup ecosystem between the two nations.
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The growing trade relationship between India and the UAE is expected to create more job opportunities and enhance economic cooperation, benefiting businesses and investors in both countries.
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