India-UAE trade pact boosts exports to $31.3 billion in 2022-23

May 01, 2023 08:31 pm | Updated 08:43 pm IST - NEW DELHI

New Delhi: Union Commerce and Industry Minister Piyush Goyal with UAE Economy Minister Abdulla bin Touq Al-Mari during a meeting on Comprehensive Economic Partnership Agreement, in New Delhi, Friday, Feb. 18, 2022.  (PTI Photo/Ravi Choudhary)(PTI02_18_2022_000188B)

New Delhi: Union Commerce and Industry Minister Piyush Goyal with UAE Economy Minister Abdulla bin Touq Al-Mari during a meeting on Comprehensive Economic Partnership Agreement, in New Delhi, Friday, Feb. 18, 2022. (PTI Photo/Ravi Choudhary)(PTI02_18_2022_000188B) | Photo Credit: Ravi Choudhary

Exports from India to the UAE have grown at almost 12% in 2022-23 to hit $31.3 billion, more than double the 5.3% growth in India’s overall exports, thanks to the implementation of the bilateral trade pact (CEPA) last May, the Commerce Ministry said on Monday.

“During the CEPA Implementation period (May 2022 to March 2023), bilateral trade increased from $67.5 billion a year earlier to $76.9 billion – an annual increase of 14%,” Commerce Secretary Sunil Barthwal said.

While oil trade continues to dominate the trade basket between the two nations, India’s auto exports to UAE jumped 42% while imports of aircraft parts from the Emirates shot up from a mere $39 million in 2021-22 to nearly $2 billion – a surge of 4,859%.

India’s imports from the UAE grew 18.8% to $53.2 billion in 2022-23, faster than the 16.1% rise in its overall import bill.

In terms of utilisation, the CEPA has already surpassed all free trade pacts entered into by India, barring the one with ASEAN, the ministry said, citing the issuance of over 54,100 certificates of origin to traders since its implementation.

Under the CEPA, the UAE eliminated duties on 97.4% of its tariff lines on goods corresponding to 99% of imports from India. India has obtained immediate duty elimination on over 80% of its tariff lines corresponding to 90% of India’s exports in value terms.

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