UAE-India Cepa deal creates more win-win scenarios with each year

May 1 marked the third anniversary of the Comprehensive Economic Partnership Agreement (Cepa) between the UAE and India.

- BY AALIYA WAZIRI Special to Gulf News

The deal was hailed as a strategic economic and diplomatic partnership between the countries.

Much has been written about the agreement, which in terms of its drafting differs from a traditional Free Trade Agreement (FTA), enhancing bilateral trade relations, generating employment opportunities, and boosting economic cooperation.

Accompanying the signing of the trade agreement, a press release by the Indian Ministry of Commerce and Industry emphasised the tangible outcomes from the treaty, noting a surge in trade from $43.3 billion in 2020-21 to $83.7 billion as of 2023-24), with projections to hit $80.5 billion in 2025.

The Cepa's success in non-oil trade has been underscored by a figure of $57.8 billion during 2023-24, while nearly 2,40,000 Certificates of Origin have been issued, correlating with aggregate exports to the UAE of $19.87 billion.

Eliminating barriers