$100 billion non-oil trade agreement between India-UAE

15/06/2023

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$100 billion non-oil trade agreement between India-UAE

India and the UAE agreed to double their non-petroleum trade target to $100 billion by 2030 with energy of the growth in bilateral trade in the first one year of inking the Comprehensive Economic Partnership Agreement (CEPA).

Union commerce and industry minister, Piyush Goyal stated that India is admired about an early outcome of talks on the rupee-dirham trade with the UAE.

Union commerce and industry minister Piyush Goyal and UAE’ minister of state for foreign trade Thani bin Ahmed Al Zeyoudi had held their first meeting of the joint committee of India-UAE CEPA and implemented on May 1 last year.

In their first India-UAE CEPA meeting the target was set at $48 billion earlier but it the upwardly revised trade target.

The bilateral non-oil trade has hiked by 5.8% on-year to $50.5 billion in the first 12 months of India-UAE CEPA.

The re-exports from India grew 24.5% in the first quarter.

The two countries will set up sub-committee for services trade and share data besides an India UAE CEPA council to facilitate the pact’s implementation.

Rupee-Dirham trade:

Union Minister Piyush Goyal hoped that an early outcome on the rupee-dirham trade with the UAE would be achieved as the central banks are in touch and our finance ministry is very supportive.
Other digital technologies might become a part of the UAE-India frame work.
The Export Import Bank India reported that the country’s merchandise exports are going down to $111.7 billion for the April-June period amid continuing global volatilities.
The EXIM bank forecast about the non-oil exports which register at the amount to $86.6 billion in the first quarter of the new fiscal year.
The city-headquartered policy bank has designed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis.