The significant growth in the volume of non-oil trade between the UAE and the Republic of India reflects the positive progress of the Comprehensive Economic Partnership Agreement, more than a year after it entered into force, making it on the right track to achieve the goal of reaching $100 billion in non-oil trade annually over the next five years.
The volume of non-oil trade exchange between the UAE and India has grown during the past two years, “2020-2022”, by 84%, up from 102.5 billion dirhams to 188.8 billion dirhams last year, according to data from the Federal Center for Competitiveness and Statistics.
The trade growth rate between the two countries during the past ten years (2013-2022) amounted to 18.2%, from 159.72 billion dirhams to 188.8 billion dirhams last year, to reach 1.41 trillion dirhams in 10 years.
The Emirati-Indian comprehensive economic partnership constituted a platform for joint growth and constructive cooperation to increase the strategic importance of the two countries’ economies, stimulate the flow of mutual investments, and provide opportunities for the business communities in the two countries, which stimulates economic prosperity in both countries, as it is a partnership for sustainable growth.
In the period from May 2022 to April 2023, i.e. the first 12 months of the entry into force of the agreement, the value of bilateral non-oil trade amounted to $50.5 billion, a growth of 5.8% over the same period last year, so that the partnership achieved distinguished and positive economic results that enhanced the increase in the flow of trade exchange between the two countries. the two countries.
The Comprehensive Economic Partnership Agreement between the Republic of India and the UAE played a vital role in consolidating joint economic and trade relations, pushing them for further growth and prosperity, and creating a momentum of opportunities and enablers for the Emirati and Indian business communities.
Foreign trade between the two countries was distributed over the past year between re-exports at a value of 48.4 billion dirhams and non-oil exports at a value of 40.2 billion dirhams, while imports amounted to 100.1 billion dirhams.
Diamonds topped the list of the top 5 commodities that were re-exported during the past year, at a value of 36.5 billion dirhams, followed by electrical appliances at a value of 1.2 billion dirhams, followed by precious stones at a value of 1.04 billion dirhams, then ships at a value of 951 million dirhams, followed by jewellery, and precious metals at a value of 878 million dirhams.
In the item of exports, raw gold topped the list of the top 5 commodities with a value of 13.7 billion dirhams, followed by scrap of nickel with a value of 4.6 billion dirhams, then platinum with a value of 4.2 billion dirhams, then scrap of iron with a value of 2.6 billion dirhams, followed by polymers of ethylene with a value of 1.7 billion dirhams.
And in the item of the 5 most important commodities imported from India during the year 2022, electrical appliances topped the list with a value of 13.2 billion dirhams, then diamonds with a value of 12.7 billion dirhams, jewelry and jewelry of precious metals with a value of 12.1 billion dirhams, followed by mineral oils with a value of 11.5 billion dirhams, followed by iron with a value of 3.12 billion dirhams.