UAE-India non-oil trade surges in 2024, reinforcing economic ties

The United Arab Emirates and India have seen a significant increase in non-oil trade during the first six months of 2024. Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade, announced that non-oil trade between the two countries rose by 10% during this period.

At the UAE-India Business Forum held in Mumbai on Tuesday, Dr. Al Zeyoudi highlighted the remarkable growth in Emirati investments in India. The forum was organized by the Ministry of Economy and the UAE Embassy in New Delhi, in collaboration with the Indian Ministry of Commerce and Industry.

He noted that Emirati investments in India reached $3.3 billion last year, while Indian investments in the UAE exceeded $2 billion, underscoring the strong economic ties between the two nations.

Dr. Al Zeyoudi added that one of the forum’s main goals is to explore further opportunities for cooperation and ensure that business leaders and companies from both countries continue to benefit from the Comprehensive Economic Partnership Agreement (CEPA).

India and the UAE signed the CEPA in February 2022 after just 88 days of negotiations.The agreement aims to enhance trade and investment flows by reducing tariffs, improving market access, and fostering closer economic integration between the two countries. It has also become a model for similar trade pacts that the UAE has since signed with other nations.