India and the UAE are targeting USD 200 billion in bilateral trade by 2032, with current trade already crossing USD 100 billion and growing at over 40 per cent, UAE Ambassador Abdulnasser Alshaali said at a CEPA anniversary event.
India and the UAE are targeting USD 200 billion in bilateral trade by 2032, with trade already crossing the USD 100 billion mark with the help of Comprehensive Economic Partnership Agreement (CEPA) and growing at over 40 per cent, UAE Ambassador to India Abdulnasser Alshaali said on Wednesday at an event marking the fourth anniversary of the trade pact.
Trade Targets and Growth Under CEPA
Speaking at the UAE-India CEPA Council's "Open Majlis" event held at the India Habitat Centre in New Delhi, Alshaali said the trade agreement has significantly deepened economic ties between the two countries since its launch in 2022.
"When I came to India in 2022, I thought it was interesting that it coincided with the CEPA anniversary. I was told when I arrived that my role was to help ensure CEPA becomes a success," Alshaali said during his welcome remarks. "Today, we are at more than 100 billion US dollars in total bilateral trade. The target that has been set is 200 billion US dollars in total bilateral trade by 2032," he added.
The ambassador further said that bilateral trade growth under the agreement has remained strong. "Today we're looking at 40% plus of growth in trade numbers, and this is going to continue," he said.
The event, organised by the UAE-India CEPA Council, brought together policymakers, business leaders and institutional stakeholders to discuss trade, investment, innovation and economic cooperation between the two countries. According to the event programme, the discussions focused on trade corridors, capital flows, compliance frameworks, innovation and the future of Indo-Emirati economic ties.
Partnership Built on Strong People-to-People Ties
Addressing the gathering as the Guest of Honour, Union Minister of State for Commerce and Industry Jitin Prasada said the India-UAE partnership is built not only on trade but also on strong people-to-people ties.
"The most important aspect is about 3.5 million Indians who are in UAE, and they are the binding force, which gives this association... a great thrust," Prasada said.
India Pitched as a Long-Term Economic Partner
The minister also pitched India as a long-term economic partner for global investors and businesses. "India is the place... the developed world is looking at, and we offer a level playing field. We want people not to look at India as just a market to sell their products, but we want to partner with them," he said.
Referring to recent geopolitical developments in West Asia, Prasada said Prime Minister Narendra Modi's recent visit to the UAE reflected the strength of bilateral ties. "You can see the Prime Minister just having visited UAE after what has happened in the West Asia, which is a strong signal to show that we in India stand shoulder to shoulder at all times with the UAE," he said.
Highlighting India's policy framework and investment environment, the minister added, "We want a trusted relationship. We guarantee rule of law. We guarantee transparency."
Event Highlights and MoUs
The programme also included the launch of a booklet titled "The UAE-India CEPA at Four", presentations by the UAE-India CEPA Council, panel discussions on trade architecture and innovation, and the signing of memorandums of understanding related to the UAE-India startup ecosystem.
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