Mon 26-09-2022 08:44 AM
NEW DELHI, 26th September 2022 (WAM) -- India's non-oil exports to the UAE rose phenomenally by five times in the three months since the implementation of a bilateral Comprehensive Economic Partnership Agreement (CEPA) compared to India's non-petroleum exports to the world during the same period.
The Indian Ministry of Commerce and Industry last night released the findings of a comprehensive study of the UAE-India trade since the implementation of the CEPA on 1st May this year.
"The UAE-India CEPA is already creating a significant positive impact on bilateral trade. Indian exports to the UAE, excluding petroleum products, grew from $5.17 billion during June-August last year to $5.92 billion during June-August 2022, which works out to a year-on-year increase of 14 percent," the Ministry said.
"India's global non-petroleum exports during June-August 2022 grew by three percent annually. This implies that the growth rate of India's non-petroleum exports to the UAE is almost five times as that of India's non-petroleum exports to the world," the study revealed.
It is predicted that Indian exports to the UAE will increase further in the coming months with the growing use of the CEPA by exporters. "A series of trade promotion events in the UAE during the current financial year are planned."
Although the CEPA went into force on 1st May, the Ministry said the first month of its implementation was not included in the study because it was considered a transition period. Hence the analysis is for three months, from June to August.
During the same period, India's imports from the UAE grew from $5.56 billion to $5.61 billion. The trade increase in both directions is significant "in the context of global macro-economic headwinds, including policy tightening in advanced economies, global growth slowdown and a reduction in international merchandise trade."