UAE-India Bilateral Trade ‘Can Easily Surpass US$100 billion’


The UAE-India Closer Economic Partnership Agreement (CEPA) deal is leading to ‘deeper border integration’ in global value chains, according to Piyush Goyal, India’s Minister of Consumer Affairs, Food and Public Distribution. Goyal, speaking at the India-UAE Partnership Summit in Dubai.

He said that the food and the agriculture sectors are an area of high priority and interest to both countries. “With CEPA, exports of food and agricultural products from India to the UAE are getting a natural boost, it complements agreements on the food security corridor. This will strengthen the infrastructure and create dedicated logistics services.”

The second sector Goyal said would receive a significant boost from CEPA is gems and jewellry. It is one of the ‘top-rated’ categories and ‘among the sectors that have gained the most since the implementation of the CEPA,” he said. “To provide further impetus, the Gem and Jewellery Export Promotion Council has set up an Indian Jewellery Exposition Centre in Dubai. This will then become a key part of the global food value chain catering to markets beyond the UAE.”

Goyal said that this move will cement India’s position as a global trading hub for gold and diamonds. “The IJEX acts as a one-stop destination for the world to source Indian jewelry in Dubai – again, a win-win situation.”
The Dubai and UAE economies are among the fastest growing in the world, while India is also poised to be a global growth engine during 2023, according to the IMF.

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