India’s exports to the UAE, excluding petroleum products, grew by 14.5 per cent annually in the three months since the two countries began the introduction of a Comprehensive Economic Partnership Agreement (CEPA).
Exports from India grew to $5.92 billion in the three months from June to August, up from $5.17bn recorded for the same period in 2021, state news agency Wam said on Monday, citing data from the Indian Ministry of Commerce and Industry.
Although implementation of the CEPA began on May 1, the ministry said the exports data of the first 30 days was not included in the study as it was considered a transition period.
"The UAE-India CEPA is already creating a significant positive impact on bilateral trade," Wam cited the Indian ministry as saying.
"India's global non-petroleum exports during June-August 2022 grew by 3 per cent annually. This implies that the growth rate of India's non-petroleum exports to the UAE is almost five times as that of India's non-petroleum exports to the world."
The CEPA, signed in February between the UAE and India, Asia’s third-largest economy, is expected to boost non-oil trade between the two countries to $100bn in five years, from $60bn currently.
It is expected to add 1.7 per cent, or $8.9bn to the UAE's gross domestic product. The deal will also boost exports by 1.5 per cent, or $7.6bn by 2030, Abdulla bin Touq, UAE Minister of Economy, said at the time of signing the agreement.
It marks a new phase of co-operation and will open additional avenues of investment and trade for companies in India and the UAE.
It lifts 80 per cent of tariffs on UAE and India goods, with plans to scrap all fees within 10 years, Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said in February.
India’s Ministry of Commerce and Industry expects the country’s exports to the UAE to increase further in the coming months.
"A series of trade promotion events in the UAE during the current financial year are planned," the ministry said.
Meanwhile, India’s imports from the UAE during the June-August period also grew to $5.61bn from $5.56bn from a year earlier.
The UAE-India Cepa is already creating a significant positive impact on bilateral trade
India's Ministry of Commerce and Industry
The trade increase in both directions is significant "in the context of global macro-economic headwinds, including policy tightening in advanced economies, global growth slowdown and a reduction in international merchandise trade”, the ministry said.
The UAE, which has already signed CEPAs with Israel and Indonesia, is keen on a similar pact with Turkey to further boost international trade.
The UAE and Turkey in April began talks on a deal that is expected to double bilateral trade from $13.7bn, the UAE Ministry of Economy said at the time.
A similar pact with South Korea is expected to be finalised by the end of 2022. This is aimed at enhancing the economic partnership between the two countries to a minimum of $20bn in the next three to five years.
The UAE is also holding CEPA negotiations with Kenya, Georgia and the Philippines.
COMPANY%20PROFILE
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Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
UAE currency: the story behind the money in your pockets
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
Read more about the coronavirus
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
