The India-UAE Comprehensive Economic Partnership Agreement (CEPA) has significantly boosted trade and provided new opportunities for Indian businesses, according to Union Minister Piyush Goyal. Since its implementation four years ago, the economic relationship between India and the United Arab Emirates has witnessed substantial growth across various sectors. Goyal highlighted on social media that the agreement has opened transformational prospects for Indian farmers, MSMEs, and businesses.
Bilateral merchandise trade between India and the UAE has surpassed $100 billion, showing strong growth momentum post the agreement’s enforcement. Additionally, services trade has been steadily increasing, enabling Indian companies to explore new markets and enhance value creation. Key sectors like gems and jewellery, engineering goods, electronics, and agriculture have experienced significant expansion, resulting in tangible benefits for exporters and entrepreneurs.
Goyal emphasized that the CEPA framework has led to notable growth in sectors such as gems and jewellery, engineering goods, electronics, and agriculture. These advancements are translating into concrete advantages for exporters and entrepreneurs, bolstering India’s global trade position. The increasing foreign direct investment (FDI) inflows from the UAE into India, coupled with rising overseas investments by Indian companies, underscore the deepening economic ties between the two nations.
Earlier, Goyal engaged in a virtual discussion with UK Secretary of State for Business and Trade Peter Kyle to strengthen bilateral trade and investment relations. Both leaders explored avenues to enhance trade and investment ties while maximizing the benefits of the India-UK Comprehensive Economic and Trade Agreement (CETA).
