Under 100 Words: A Compact Summary
Achieving the ambitious goal of $100 billion in non-oil trade between India and the UAE by 2030 is feasible, according to CII President R Dinesh. He emphasized the significant business prospects in sectors like textiles, jewelry, and pharmaceuticals for both nations. Dinesh also highlighted the positive impact of the free trade agreement between India and the UAE, implemented in May 2022, leading to increased bilateral trade and investments (India-UAE Non-Oil Trade).
- Dinesh attended the global investors’ event ‘Investopia’ and engaged in several bilateral meetings, including discussions with numerous participants at the World Trade Organization (WTO) Ministerial Conference (India-UAE Non-Oil Trade).
- “The goal of reaching $100 billion in non-oil trade between India and the UAE is ambitious, but I am confident that it is attainable, and recent developments are promising in this regard,” stated the CII president in an interview with PTI.
- He highlighted that the comprehensive economic partnership agreement, officially known as the agreement, encompasses duty-free access to key labor-intensive sectors, including gems and jewelry, textiles and apparel, leather, pharmaceuticals, medical devices, and various engineering products (India-UAE Non-Oil Trade).
- With bilateral trade already reaching $84.9 billion in 2022-23, India has become the UAE’s leading non-oil trading partner.
- The Confederation of Indian Industry (CII) president emphasized the mutually beneficial aspects of the agreement, citing India’s substantial consumer base and expanding manufacturing capabilities as an attractive market for UAE goods. Simultaneously, the UAE’s position as a global trade hub facilitates India’s exports, providing access to international markets.
- The UAE holds a significant role as a major supplier of crude oil to India, with oil shipments constituting a substantial portion of the bilateral trade between the two nations (India-UAE Non-Oil Trade).
- According to the CII president, the recently implemented agreement is a transformative development, presenting extensive business opportunities across various service sectors such as telecommunications, construction and development, education, environment, financial services, healthcare, tourism, films, hospitality, as well as maritime and air transport services.
- He emphasized that the pact creates a pathway for collaboration between Indian and UAE companies, fostering their inclusion in global supply chains and promoting manufacturing activities in both countries.
- Notably, foreign direct investment (FDI) from the UAE to India has witnessed a significant surge, exceeding $3.35 billion in the fiscal year 2022-23 (India-UAE Non-Oil Trade).
- Dinesh expressed optimism about leveraging this momentum for a synergistic partnership, envisioning ‘Make in India’ and ‘Made in Emirates’ working collaboratively to enhance economic cooperation between the two nations.
- “Advancements in fintech collaboration, exemplified by the acceptance of the RuPay card in the UAE, underscore the commitment to this partnership,” he remarked.
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