Due to the two countries' free trade agreement, India's exports to the UAE are predicted to increase to $50 billion by 2026–2027 from their current $31.3 billion level, a top government official stated on Monday.
Trade between India and the UAE has increased dramatically since the trade agreement's implementation on May 1 of last year, according to Commerce Secretary Sunil Barthwal.
“We are hoping that we would be able to reach $50 billion in exports by 2026-27,” Barthwal told reporters.
The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which was signed on February 18, 2022, became effective on May 1 of that year.
In 2022–2023, India's exports to the UAE increased by 11.8% to $31.3 billion, while its imports increased by 18.8% to $53.2 billion.
The trade deal, according to P Aqeel Ahmed, a former head of the Council for Leather Exports, is the “most effective which we have seen in recent times.”
