UAE, India mark three years of comprehensive economic partnership
The United Arab Emirates and the Republic of India continue to witness growing and dynamic economic relations, built on longstanding historical ties and driven by their Comprehensive Economic Partnership Agreement (CEPA), which has significantly boosted economic growth and created new trade and investment opportunities for both business communities.
On 1st May, the UAE and India will celebrate the third anniversary of the entry into force of the CEPA, which marked a new chapter in their strategic economic relations.
The agreement was the UAE's first bilateral deal under its global economic agreements programme, which aims to expand its network of trade partners with strategically important regional and global markets.
It also represented the first CEPA signed by India with a country from the Middle East and North Africa region. The agreement aims to increase bilateral non-oil trade to US$100 billion annually by 2030.
The UAE's non-oil trade with India grew by 20.5 percent to exceed AED240 billion in 2024, compared to AED199.3 billion in 2023, reflecting the strong investment and commercial potential between the two nations.
India ranked as the UAE's top non-oil export destination in 2024, accounting for 13.5 percent of the total, with an unprecedented year-on-year growth of 75.2 percent.
The significant rise in non-oil trade, joint ventures and mutual investments coincides with the third year of the CEPA's implementation, which has been a key driver in accelerating sustainable growth across various sectors.
In 2024 alone, over 41,600 new Indian economic licences were issued in the UAE, bringing the total number of active Indian business licences in the country to more than 247,000 by the end of the year. These licences span a wide range of commercial and economic activities. India also remains one of the largest tourism source markets for the UAE, with more than two million Indian tourists visiting the country annually, underscoring the strength of bilateral ties.
Meanwhile, the number of UAE companies operating in India continues to grow across strategic sectors. The coming period will see further expansion of cross-border business operations, particularly in new economy sectors, with the aim of creating thousands of sustainable jobs and supporting inclusive development in both countries.
Through their strategic partnership, the UAE and India have successfully built a robust economic foundation that has elevated their relationship to new heights. This includes fostering partnerships between their respective business communities, encouraging the growth of small and medium-sized enterprises and entrepreneurship, and driving forward the shared vision of sustainable economic growth and prosperity.
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