Bilateral trade doubles under CEPA; India, UAE eye next growth leap

Union Commerce & Industry Minister Piyush Goyal is in the UAE for a two-day visit to co-chair the 13th India-UAE High-Level Task Force on Investments (HLTFI) with H.H. Sheikh Hamed bin Zayed Al Nahyan.The meeting will review the Comprehensive Economic Partnership Agreement (CEPA), the Double Taxation Treaty, and central bank cooperation, while exploring new investments in space, maritime, and other high-potential sectors.Since CEPA came into force in May 2022, bilateral merchandise trade has nearly doubled from USD 43.3 bn in FY21 to USD 83.7 bn in FY24, with a strong shift toward non-oil sectors, according to the Commerce Ministry.Goyal will also co-chair the UAE-India Business Council roundtable with UAE Minister of Foreign Trade Dr. Thbin Ahmed Al Zeyoudi, engaging CEOs of top Indian and Emirati companies.High-level meetings are scheduled with Sheikh Tahnoun bin Zayed Al Nahyan (UAE NSA & IHC Chairman), Ahmed Jasim Al Zaabi , and Syed Basar Shueb (IHC), among others.Established in 2013, the HLTFI has become a key platform to resolve investor issues and deepen economic ties. The 12th edition, held in Mumbai (Oct 2024), ratified the Bilateral Investment Treaty signed during PM Modi's UAE visit in Feb 2024.The India-UAE Comprehensive Strategic Partnership continues to expand across trade, technology, energy, defence, and food security, with both sides now pushing for the next growth leap.UAE remains one of India's most important strategic partners. Their Comprehensive Strategic Partnership is underpinned by deep political engagement, robust economic integration, and collaboration across energy, defence, technology, and food security.Earlier the UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council launched the Start-up Series which attracted applications from more than 10,000 Indian entrepreneurs in just 50 days, highlighting the programme's role in accelerating the globalisation of homegrown Indian ventures.