The United Arab Emirates (UAE) and India are actively working to enhance benefits for the private sector and business communities in both countries through a comprehensive economic partnership agreement that has been in effect since May 2022. This collaboration has positively impacted trade and investment flows between the two nations, leading to a thriving non-oil bilateral trade landscape. To maximize the advantages of this partnership, meetings between officials and business leaders are becoming increasingly vital.
Fostering Economic Ties
Recently, His Excellency Dr. Thani Al Zeyoudi, Minister of Foreign Trade, met with the Indian Business and Professional Council in Dubai to explore ways to strengthen economic links and cooperation between the UAE and India. This gathering aimed to achieve maximum benefits from the comprehensive economic partnership, emphasizing the empowerment of the private sector in both nations. The meeting is part of ongoing discussions focused on elevating trade and investment relations and opening broader avenues for economic growth and mutual prosperity.
Significant Trade Growth
During the session, Al Zeyoudi highlighted India’s historical importance as a trading partner for the UAE, noting that the value of non-oil trade between the two countries reached USD 65 billion in 2024. This figure represents a robust growth of 19.7% compared to the previous year. He stated, “India is a key partner in the UAE’s trade landscape. Today’s discussions focused on maximizing the benefits of the comprehensive economic partnership, enhancing cooperation, and creating broader opportunities for new partnerships between our business communities.”
Milestones of the Partnership
The comprehensive economic partnership agreement with India, effective since May 2022, stands as the first agreement signed under the ambitious program aimed at boosting the UAE’s non-oil foreign trade. This agreement acts as a critical catalyst for discovering opportunities for integration and establishing new areas of collaboration in trade and investment across diverse sectors, including agricultural production, renewable energy, and logistics services.
Innovative Initiatives and Future Collaboration
Discussing the progress made since the signing of the agreement, Al Zeyoudi pointed to several key initiatives showcasing both sides’ dedication to growth and mutual opportunities. He mentioned, “Since the beginning of this year, both parties have collaborated under the spirit of teamwork to launch a series of startups between India and the UAE, empowering entrepreneurs to access the markets of both countries. Additionally, we have initiated the Bharat Mart project, a massive complex in the UAE aimed at enabling Indian manufacturers and exporters to reach global markets. Furthermore, we are developing cross-border payment solutions and integrating payment systems, along with launching the comprehensive economic partnership council between the UAE and India to ensure that all available opportunities under the agreement are fully realized.”
Since its inception in 2022, the comprehensive economic partnership agreement has shown tangible results in fostering economic relationships between the UAE and India. By reducing trade barriers and enhancing investment flows, the positive impact of the agreement is evident in the substantial growth of non-oil bilateral trade, solidifying the UAE and India’s positions as key trading partners in the global market.