UAE-India Economic Deal Leads to All-Time High Exports in 2023

 

The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE) has shown a significant positive impact on India's exports. The CEPA, which will complete one year in May 2023, has provided a much-needed boost to India's exports, especially to UAE.

According to the latest trade data, Indian exports to UAE are likely to touch USD 32 billion in the financial year 2023. This is an impressive feat considering the current economic climate and the challenges posed by the COVID-19 pandemic. Despite a 10% decline in global exports YoY from USD 37.15 billion to USD 33.88 billion, India's exports to UAE have seen a YoY increase of 4.9% in February.


The positive impact of CEPA can be seen in India's non-oil exports to UAE, which have grown by 18.9% during the same period. This growth is especially significant as India's global non-oil exports saw a YoY decline of 4.2% in February. The CEPA has provided a much-needed boost to India's exports, helping the country diversify its export basket and reducing its dependence on traditional export items.

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