The India-UAE Comprehensive Economic Partnership Agreement (CEPA) is driving robust trade growth and creating new opportunities for Indian businesses, Union Minister Piyush Goyal said on Friday.
Four years after the implementation of CEPA, the economic relationship between India and the United Arab Emirates has witnessed significant growth across multiple sectors.
Highlighting the progress in a post on social media platform X, Goyal said the agreement has created transformational opportunities for Indian farmers, MSMEs, and businesses.
“Four years ago, when the India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force, it created transformational opportunities for Indian farmers, MSMEs, and other businesses,” he said.
He noted that bilateral merchandise trade between the two nations has crossed the $100 billion mark, reflecting strong momentum since the agreement came into effect.
Services trade has also shown steady growth, helping Indian companies access new markets while enhancing value creation.
“Bilateral merchandise trade has grown strongly, crossing $100 billion, with services trade also rising steadily and opening new markets while creating greater value,” Goyal said.
He added that expansion across key sectors such as gems and jewellery, engineering goods, electronics, and agriculture is delivering tangible gains. He also noted that rising foreign direct investment (FDI) inflows from the UAE, along with increased overseas investments by Indian firms, reflect deepening economic ties.
According to the minister, these gains are translating into real benefits for exporters and entrepreneurs, strengthening India’s position in global trade.
Earlier in the day, Goyal also held a virtual meeting with UK Secretary of State for Business and Trade, Peter Kyle, to further strengthen bilateral trade and investment ties.
Both sides explored ways to enhance economic cooperation while leveraging the India-UK Comprehensive Economic and Trade Agreement (CETA), the minister said.
(IANS)
