Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, met with Piyush Goyal, India's Minister of Commerce and Industry, in New Delhi, India, to commemorate the one-year milestone of the Comprehensive Economic Partnership Agreement (Cepa) between the two countries and assess the recently released trade data. According to preliminary figures from the UAE Ministry of Economy, bilateral non-oil trade during the initial 12 months of Cepa, from May 2022 to April 2023, amounted to $50.5 billion, representing a 5.8 percent increase compared to the same period in the previous year. Both ministers applauded the effectiveness of Cepa in stimulating trade and investment and reaffirmed their shared commitment to fostering a mutually beneficial partnership that generates long-term prosperity.
The ministers also participated in the inaugural UAE-India Joint Committee, convened on the agreement's first anniversary, to evaluate its impact thus far, exchange data and experiences, review implementation issues, refine tariffs and quotas, and propose amendments. They witnessed the signing of the meeting's minutes by the chief negotiators, which will contribute to the development of Cepa over the next two years.
Dr. Thani Al Zeyoudi highlighted the advancements in bilateral relations over the past year, stating, "Since the implementation of the Comprehensive Economic Partnership Agreement between the UAE and India, we have observed significant progress in bilateral non-oil trade, putting us on track to achieve our target of $100 billion by 2030. However, this agreement has always been more than a mere trade deal, as increased investment flows, joint ventures, and deeper market penetration underscore its true potential. Our visit this week celebrated the accomplishments to date and offered an opportunity to strengthen what is evolving into a genuine partnership for growth."
Abdulla Al Shamsi, Assistant Under-Secretary in the Industrial Development Sector at the Ministry of Industry and Advanced Technology, emphasized the crucial role of the joint committee in ensuring a mutually beneficial partnership that generates long-term impact. He stated, "The UAE-India Cepa was designed to be a flexible document capable of adapting to changing economic conditions and the evolving needs of both sides. The joint committee is essential for understanding the economic impact of the agreement, as well as each side's implementation and utilization experiences, thereby ensuring that both nations derive maximum benefits from it. This week's meeting reflects the trust and transparency that prevailed throughout the negotiations and will enable us to unlock new opportunities for our respective business communities." Piyush Goyal, the Indian Minister of Commerce and Industry, affirmed that the UAE-India Cepa played a significant role in strengthening economic and trade relations, promoting further growth and prosperity, and creating new opportunities and facilitators for the private sector. He highlighted the distinguished economic outcomes achieved through the agreement, which enhanced trade exchanges between the two friendly countries.
Additionally, the Indian minister reviewed several economic initiatives aimed at enhancing investment cooperation between India and the UAE by capitalizing on the promising investment opportunities in both markets.
Following the UAE-India Joint Committee meeting, Al Zeyoudi and Goyal addressed a gathering of business leaders from both the UAE and India, seeking insights into the private sector's utilization of Cepa thus far. The meeting aimed to understand the business community's experiences with the agreement since its implementation and explore new, high-potential opportunities.
Implemented on May 1, 2022, the UAE-India Cepa represented the UAE's first-ever bilateral trade agreement and served as a cornerstone of its new foreign trade agenda. The agreement eliminated or reduced tariffs on over 80 percent of product lines, established new platforms for SME collaboration and encouraged mutual investment flows
, particularly in priority sectors. Following the agreement with India, the UAE has since concluded four additional Cepas with Israel, Indonesia, Turkey, and Cambodia.
Dr. Thani Al Zeyoudi was accompanied by Dr. Abdulnasser Alshaali, UAE Ambassador to India, Abdulla Al Shamsi, Assistant Under-Secretary in the Industrial Development Sector at the Ministry of Industry and Advanced Technology, as well as senior representatives from private sector companies, including Brouge, KEZAD Group, DP World, Al Serkal Group, Al Rawabi, Ail Ain Farms, Al Ghurair Group, DMCC, and Emirates NBD.