Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, praised the strategic partnership between the UAE and India, which constitutes a model of bilateral relations aimed at achieving sustainable development and common interests.
He said that the UAE-India strategic partnership across various fields, including the Comprehensive Economic Partnership (CEPA), was only made possible by the unlimited support of the leaderships of the two countries.
In statements to the Emirates News Agency (WAM) on the occasion of the visit of Indian Prime Minister Narendra Modi to the UAE, Al Zeyoudi noted that this visit is of particular importance as it coincides with the two countries celebrating the second anniversary of the signing of the CEPA on 18th February 2022.
The agreement, which entered into force on 1st May of the same year, has significantly contributed to facilitating the flow of trade and investment between the two sides, and has helped to raise the level of cooperation and partnership to broader levels, he added.
Al Zeyoudi emphasised that India is the UAE’s second-largest trading partner globally, according to 2022 data, with non-oil trade between the two countries reaching US$51.4 billion, a growth of 15 percent compared to 2021 and more than 24 percent compared to 2019, with a share of 8.3 percent of the UAE’s total international non-oil trade. India is also the world’s leading destination for the UAE’s non-oil exports, with a share of 11 percent of the country’s total exports.
He added, “During the 17 months from the start of implementation of the Comprehensive Economic Partnership Agreement between the UAE and India on 1st May 2022, to the end of September 2023, non-oil trade between the two countries increased by 2.5 percnet compared to the corresponding period of 2021/2022, and by 42.4 percent compared to the same period of 2020/2021, and by 54.8 percent compared to the same period of 2019/2020.”
Non-oil trade between the two countries reached $38.1 billion in the first nine months of 2023, the same figure recorded in the same period of 2022, Al Zeyoudi stated. “The main commodities exchanged between the two sides have diversified, especially UAE exports, to include gold, jewellery, plastics, cement, petroleum oils and dates, which have achieved significant growth after benefiting from the provisions of the Comprehensive Economic Partnership Agreement.”
Al Zeyoudi explained that 7.4 percent of India’s international imports come from the UAE, which ranks second globally after China. India also exports 6.9 percent of its international exports are received by the UAE, which ranks second for Indian exports after the United States. The UAE is also India’s third-largest trading partner globally, with a 7.2 percent share of its non-oil foreign trade, and the first Arab country with a share exceeding one-third of India’s trade with Arab countries, he added.
The Minister of State for Foreign Trade stated that the value of the UAE’s direct investments in India reached about $17 billion by the end of September 2023, making it the seventh-largest investor in India globally and the first Arab country with a 3 percent share of total foreign direct investment.
Indian investments in the UAE reached $8 billion, ranking second globally with a 6 percent share of total foreign direct investment into the country. Thus, the value of the UAE-India mutual investments is $25 billion, 70 percent of which is from the UAE to India, Al Zeyoudi further said.
Source: www.wam.ae
