Bilateral trade between the UAE and India is expected to top $88 billion in the fiscal year 2022-23, up from $73 billion last year. The development follows the signing of a historic free trade agreement between the two countries during a two-day visit by UAE Foreign Minister Abdullah bin Zayed Al-Nahyan, where he met with the Minister of External Affairs, S Jaishankar.
The purpose of the visit is to strengthen relations with New Delhi under the Comprehensive Strategic Partnership Agreement (CEPA) signed in February. CEPA is expected to grow non-oil trade to $100 billion over the next three to five years.
The UAE is India’s third largest trading partner after the United States and China, and an important regional strategic partner for India. The UAE is home to more than three million Indian expats, who send billions of dollars in remittances to their families every year.
“The visit will be part of regular consultations between the two countries on bilateral and global issues of mutual interest,” Jaishankar said in a statement.
The couple reviewed relations in several areas, including trade, investment, food security, energy, defence, space and education.
“In line with the UAE-India CEPA, we seek to enhance our economic cooperation to achieve our ambitious goal of increasing the value of our non-oil trade to approximately $100 billion over the next five years,” Al-Nahyan said. Press Agency, W.A.M..
The two ministers also reviewed “prospects for UAE-India cooperation at the level of multilateral groups and organizations, whether through existing partnerships such as the I2U2 group, or future cooperation opportunities with the BRICS, an informal grouping of Brazil, Russia, India, China and South Africa, and the Shanghai Cooperation Organization,” the report added.