Indian exports to UAE set to cross $50b by 2026

Indian exports to UAE set to cross $50b by 2026

Cepa propels bilateral trade past $84b

Shipping containers at Nhava Sheva Port in Navi Mumbai. - KT file

Published: Tue 2 May 2023, 7:28 PM Last updated: Tue 2 May 2023, 7:29 PM

India’s exports to the UAE are expected to cross $50 billion by 2026-27 from $31.3 billion at present as the path-breaking free trade agreement between the countries begins to further unlock the immense potential of two-way commerce.

India’s Commerce Secretary Sunil Barthwal said bilateral trade with Arab world’s second largest economic powerhouse has grown significantly after the implementation of the Comprehensive Economic Partnership Agreement (Cepa) on May 1 last year.

One year into the signing of the landmark agreement, India’s exports to the UAE, the south Asian nation’s third largest trade partner after the US and China, recorded a multiyear high, rising by 11.8 per cent to $31.3 billion in 2022-23 from $28 billion a year ago, while imports grew by 18.8 per cent to $53.2 billion in the last fiscal, propelling the value to bilateral trade to a record $84.5 billion.

The year-on-year increase stood at 16 per cent, Barthwal said, adding that the trade pact had played the role of a growth engine for bilateral trade over the past 11 months.

Cepa,