As the India-UAE Comprehensive Economic Partnership Agreement (CEPA) marks its third anniversary, trade between the two nations has witnessed remarkable growth. Over the past three years, bilateral trade has nearly doubled, reaching $83.7 billion in 2024 compared to $43.3 billion in 2021. In the first three quarters of the 2024-25 financial year alone, trade stood at $71.8 billion, highlighting the strong economic ties between the two countries. The UAE, which recently signed a similar agreement with Ukraine, aims to expand its CEPA partnerships further.
India’s exports to the UAE have seen significant growth, particularly in non-oil sectors. In the 2023-24 financial year, non-oil exports were recorded at $27.4 billion, with exports of electrical machinery, smartphones, and chemicals rising by 25.6%. India’s key exports include refined petroleum products, gems, jewellery, pharmaceuticals, textiles, rice, and spices, while major imports from the UAE consist of crude oil, LNG, petroleum products, diamonds, and gold.
Both nations have set an ambitious target of $100 billion in non-oil trade by 2030, further strengthening their economic partnership. The CEPA agreement has played a crucial role in boosting trade, facilitating smoother transactions, and encouraging investment. With growing trade volumes and diversification of exports, the India-UAE economic relationship is set to flourish in the coming years.
