The UAE-India CEPA has emerged as a resounding success story, solidifying the two nations’ long-standing economic ties and ushering in a new era of prosperity, Ambassador of the UAE to India, Dr. Abdulnasser Alshaali said.
“The CEPA has not only opened new avenues for businesses to benefit from the bilateral partnership, but has also fostered deeper integration of our economies, paving the way for increased investment flows and collaboration across diverse sectors,” the Ambassador said at an event to mark two years of the bilateral economic pact in Mumbai.
Dr. Alshaali said over the past two years, India and the UAE have witnessed remarkable growth in bilateral trade. The event was attended by various eminent dignitaries.
The CEPA has spurred advancements in trade, with bilateral exchanges posting a 16 percent rise in just one year of its operation to $84.5 billion in March 2023 from $72.9 billion in the corresponding month of the previous year.
Major Indian export sectors have benefited considerably since the implementation of the CEPA, with the export of Indian gems and jewellery to the UAE expanding by almost 64 percent in two years.
Other critical Indian export sectors, such as drugs and pharmaceuticals, and fruit and vegetable products have also experienced considerable growth, increasing by almost 39 percent and 35 percent, respectively.
The CEPA has been pivotal to the development of several economically transformative projects such as Bharat Mart in Dubai, as well as significant investments by major UAE entities into the Indian economy.
The Abu Dhabi Investment Fund’s commitment to establishing a $5 billion fund in collaboration with Gujarat’s GIFT City, Mubadala’s acquisition of an eight percent stake in Manipal Health, and Lulu Group’s strong expansion plans within India’s retail market firmly highlights the mutually beneficial impacts of the CEPA.
The establishment of the UAE-India CEPA Council earlier this year further underscores the commitment of both nations to fortify their economic partnership.
Supported by the UAE and Indian governments, the CEPA Council serves to enhance investment and trade ties, further cementing the dynamic and resilient economic relationship that has been created by the implementation of the CEPA.
Looking ahead, partnerships in critical industries such as start-ups, women entrepreneurs, micro, small, and medium-sized enterprises (MSMEs), and the services sectors will continue to drive the UAE-India growth story.
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