New Delhi
Bilateral trade between India and the United Arab Emirates (UAE) is expected to exceed the $100 billion goal well before the 2030 target, driven by a significant 12.7% year-on-year growth, according to a recent report. The UAE is India’s third-largest trading partner and its second-largest export market for the fiscal year 2022-23, with trade reaching $85 billion.
The economic ties between India and the UAE have strengthened recently, highlighted by the visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi. During this visit, five Memorandums of Understanding (MoUs) were signed following discussions with Prime Minister Narendra Modi.
This evolving trade relationship is benefiting from structural reforms like the 2022 Comprehensive Economic Partnership Agreement (CEPA), which has removed long-standing barriers. According to Nilaya Varma, CEO of Primus Partners, this growth not only enhances traditional sectors like gems and IT but also fosters emerging industries such as green energy and food security.
Both countries are also collaborating on significant projects, including the India-Middle East-Europe Economic Corridor (IMEEC) and the India-Israel-UAE-US coalition (I2U2). Future initiatives aim to implement a master dashboard for critical infrastructure projects, establish a bilateral e-commerce marketplace, and create an online repository for investment opportunities in strategic sectors. Nader Haffar from Primus Partners highlighted that this partnership is reshaping regional and global trade, creating new opportunities and paving the way for long-term prosperity.
