The initial gains from the India-UAE Comprehensive Economic Partnership Agreement (CEPA) have already started accruing with bilateral trade growing around 20% and touching an all-time high of around $84 billion in FY23, Rajesh Kumar Singh, secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said at a business gathering in Dubai.
The agreement came into force on May 1 last year.
Singh, along with Juma Mohammed Al-Kait, Assistant Undersecretary for International Trade, Ministry of Economy, UAE and Sunjay Sudhir, Ambassador of India to the UAE, inaugurated the International Jewellery Exposition Centre in Dubai in which around 100 companies from India and the UAE, participated.
“Singh had also held one-on-one meetings with senior representatives of Abu Dhabi Investment Authority and Mubadala Investment Company – sovereign wealth funds of the UAE,” the commerce and industry ministry said in a statement.
The two-day visit to the UAE of the Indian delegation led by the DPIIT secretary concluded on May 9.