India-UAE trade deal was path-breaking, negotiated in just 88 days: DPIIT secretary
May 09, 2023
New Delhi [India], May 9 : Rajesh Kumar Singh, secretary Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) has highlighted that the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was negotiated in just 88 days, was path-breaking and has become a significant turning point in the bilateral economic relations between the two countries.
Singh and Thani bin Ahmed Al Zeoudi, UAE Minister of State for Foreign Trade, jointly inaugurated the events to commemorate the first anniversary of the entry into force of the CEPA between India and the UAE on Monday.
The visit of Secretary DPIIT to UAE is his first official trip abroad since the assumption of office in April 2023, indicating the significance India attaches to a close relationship with UAE.
For India, the CEPA with UAE is the first in the region and for UAE, it is their first ever CEPA.
Since the entry into force of CEPA, bilateral trade between India and UAE has witnessed tremendous growth of 20 per cent when compared to the previous year. India's exports to the UAE also recorded a remarkable growth of 12 per cent, reaching USD 31.3 billion in 2022-2023.
As part of the CEPA celebrations, Singh inaugurated the 'Kerala Pavilion' at the Annual Investment Meeting in Abu Dhabi. He held meetings with the senior leadership of the 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 USD 18 billion.
Secretary DPIIT will be inaugurating the International Jewellery Exposition Centre in Dubai on Tuesday (today). He will also be the Chief Guest for a multi-sectoral B-2-B event in Dubai organised by the Gems and Jewellery Export Promotion Council (GJEPC), in which around 100 companies from India and UAE, including representatives of various Export Promotion Councils (EPCs) are expected to participate.
