In 2024, non-oil trade between the United Arab Emirates (UAE) and India reached over US$65 billion, a 20.5% rise from US$54 billion in 2023. This increase is due to the ongoing success of the Comprehensive Economic Partnership Agreement (CEPA), which is now in its third year.
India remained the UAE’s leading destination for non-oil exports, accounting for 13.5% of total exports. The volume of these exports increased by a startling 75.2% compared to 2023, demonstrating the two countries’ growing economic relations. Experts credit CEPA with eliminating trade barriers and lowering tariffs, resulting in fresh opportunities for business.
The bilateral trade connection has grown dramatically, with total merchandise trade between the two countries expected to reach $83.7 billion by 2023-24. Non-oil commerce alone provided US$57.8 billion, meeting the ambitious objective of reaching US$100 billion in bilateral non-oil trade by 2030.
Electrical machinery, equipment, chemicals, and high-tech items are among the key areas driving growth. A new Bilateral Investment Treaty (BIT) signed in 2024 aims to strengthen mutual investments and economic cooperation even further.
