A year after their Comprehensive Economic Partnership Agreement (CEPA) took effect, the UAE and India have further strengthened their strategic relations, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
In his statement to the Emirates News Agency (WAM), he stressed that the Emirati-Indian strategic partnership has seen positive developments at all levels, including the CEPA, which makes it a global model for how to upscale collaboration and partnership ties to higher levels that achieve mutual growth, create opportunities for business communities, stimulate entrepreneurship, and support sustainable development.
He noted that would not be achieved without the shared keenness and unlimited support of the leaderships of the two countries.
He added that the UAE and India had entered a new phase of shared prosperity due to the CEPA that took effect a year ago, which has boosted key sectors in both countries, most notably non-oil trade and mutual investment.
In the first year of the partnership, their non-oil trade reached US$50.5 billion, growing by 5.8 percent year-on-year, and compared to the previous year, from May 2020 to April 2021, non-oil trade grew by 53.5 percent, he added.
Moreover, it increased by 36.1 percent compared to the same period in 2019-2020, and by 29.6 percent compared to the same period in 2018-2019, Al Zeyoudi further said, stressing that the UAE-India partnership agreement boosted non-oil exports from the UAE, which reached US$10.3 billion in the year of its implementation, a rise of 18.6 percent compared to the same period between 2020 and 2021.
Moreover, there was a significant increase of 95 percent compared to the same period from May 2019 to April 2020, and an increase of 80.7 percent compared to the same period in 2018 and 2019, he added.
Al Zeyoudi noted the UAE’s ongoing investment in India, which was driven by the impressive growth of one of the world’s fastest-growing economies.
As per the latest official data released this year, the UAE invested US$36.61 billion in various sectors, including financial services, real estate, business services, alternative and renewable energy, engine manufacturing, equipment, and more.
The UAE chose India as the first country to sign a comprehensive economic partnership agreement with, in light of their strong strategic ties. India is a key ally and partner for the UAE in trade and investment, and they have a long history of friendship. This is also India’s first agreement of this kind with a country in the Middle East and North Africa region.
Al Zeyoudi also said he was confident that the CEPA would meet its goals in increasing trade exchange by 120 percent to US$100 billion in five years, compared to the current trade exchange amounting to US$45 billion.
“CEPA will achieve growth in the national economy by 1.7 percent in 10 years with a value of US$9 billion by 2023. It will increase exports by 1.5 percent, equivalent to US$7.6 billion, and imports by 3.8 percent, equivalent to US$14.3 billion, which will positively impact the Indian economy by nearly 0.7 percent and create around 140,000 new high-skilled job opportunities in the UAE.”
He further pointed out that the achievements in the first year show that it is moving forward steadily and confidently to benefit both countries.
Follow Emirates 24|7 on Google News.
