May 9, 2023
1 min read

India-UAE bilateral trade grew 20% in 2022-23

As part of the CEPA celebrations, the DPIIT Secretary also inaugurated the Kerala Pavilion at the annual investment meeting in Abu Dhabi…reports Asian Lite News

Since the Comprehensive Economic Partnership Agreement (CEPA) came into existence, bilateral trade between India and UAE witnessed tremendous growth of 20 per cent in 2022-23 as against the previous year.

India’s exports to the UAE also recorded a remarkable growth of 12 per cent, reaching $31.3 billion in 2022-2023.

This was stated by Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh, who along with UAE’s Minister of State for Foreign Trade Thani bin Ahmed Al Zeoudi on Monday jointly inaugurated the events to commemorate the first anniversary of the implementation of CEPA, in Abu Dhabi.

Singh highlighted how the path-breaking India-UAE CEPA, which was negotiated in just 88 days, has become a significant turning point in the bilateral economic relations between the two countries.

For India, the CEPA with the UAE is the first in the region and for the UAE, it is their first-ever CEPA.

As part of the CEPA celebrations, the DPIIT Secretary also inaugurated the Kerala Pavilion at the annual investment meeting in Abu Dhabi.

He also held meetings with the senior leadership of Abu Dhabi Investment Authority and Mubadala, the top UAE investors in India.

Welcoming the surge in investments from the UAE to India, Singh invited both companies to explore new sectors for investing in India, especially the renewable and digital sectors.

The UAE is currently the seventh largest investor in India with an estimated investment of $18 billion.

ALSO READ-UAE welcomes talks between Sudan’s warring factions

Previous Story

Russia launches biggest ever ‘kamikaze’ drone attack on Ukraine

Next Story

New Android malware discovered that steals passwords

Latest from -Top News

U.S. Raises Alarm for Americans in Pakistan

Earlier, the US Department of State had issued a travel advisory in March, also urging its citizens to “reconsider travel to Pakistan due to terrorism and the potential for armed conflict.”…reports Asian Lite

Khawaja Asif: Peace Only If India Backs Down

The Indian strikes and Islamabad’s retaliation has jolted locals who fear that it could potentially lead to a full-scale war between the two countries…reports Asian Lite Ndews Pakistan’s Defence Minister Khawaja Asif

India Rising, Pakistan Crumbling

Pakistan is on the verge of economic collapse and is surviving on IMF loans, with its forex reserves down to $15 billion…reports Asian Lite News While Pakistan has threatened to respond forcefully

Israel backs India’s ‘Operation Sindoor’

The military operation struck camps and logistical hubs linked to terror groups held responsible for orchestrating the Pahalgam attack…reports Asian Lite News Israel has voiced strong support for India’s right to defend
Go toTop

Don't Miss

UAE to open up tourist visas

The move comes as the daily number of positive cases

N-capable Agni-5 with 5,000 kms range tested

This is India’s fastest intercontinental ballistic missile and will be