UAE-India Non-Oil Trade Jumps 22.6% To $53.8 Billion

2025-01-15 05:56:12

(MENAFN- Khaleej Times) Non-oil foreign trade between the UAE and India grew 22.6 per cent to $53.8 billion (Dh197.44 billion) during the first 10 months of 2024, making the South Asian country the third largest global trading partner of the Emirates, the UAE's Ministry of Economy said.

The figures were released during a meeting in Dubai between Abdullah bin Touq Al Marri, Minister of Economy of the UAE, and P. Rajiv, Minister of Industry and Law of the Indian state of Kerala.

The two officials also discussed enhancing economic cooperation between the UAE and Kerala in a number of areas, including tourism, advanced manufacturing, circular economy, agriculture and innovation.

Kerala offers many promising economic and investment opportunities, Al Marri said, and the two parties aim to provide more opportunities and capabilities for the private sector and entrepreneurs.

During the meeting, the two ministers emphasised taking advantage of opportunities that are offered by the Comprehensive Economic Partnership Agreement (Cepa) signed earlier to boost bilateral trade.

The UAE-India Cepa came into force on May 1, 2022, offering greater access for UAE exports entering the Indian market through the reduction or removal of tariffs on more than 80 per cent of products as well as enhanced market access for UAE's service providers across 11 sectors and more than 100 sub-sectors among others. The two countries are aiming to boost bilateral trade to $100 billion in the coming years.

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