India’s EXIM trade with UAE looks up after the FTA

India’s Exports to the United Arab Emirates UAE touched about 16 billion US dollars during the first six months of the current financial year April to September 2022 registering an increase of 24 per cent over the corresponding period previous year.

Imports from that Gulf country has increased by 38 per cent to reach 28.4 billion US dollars during the same period following the implementation of the free trade agreement between the two countries.

The bilateral trade has shown appreciable growth since the signing of comprehensive economic partnership agreement (CEPA) in May this year

External affairs Minister S Jaishankar and his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan held talks on issues related to food security, bilateral trade and investment during his official visit to the country on November 23rd,

Both countries are discussing the possibility of trade in rupees and dirhams. They are also discussing making use of UPI as a payment platform for remittances from the 3.5 million strong Indian community in the UAE. Investment worth more than 10 billion US dollars has come from the UAE.

In a tweet, Jaishankar said, “Just concluded comprehensive discussions with FM @ABZayed of UAE this afternoon. Appreciated the progress in our bilateral relationship, especially in trade, investment, consular matters, education and food security.”

“Exchanged views on the global situation and various regional hotspots. The rich conversation reflected the substance and closeness of our partnership,” he added.