Trade pact lifts India’s FY23 exports to UAE to $31.3 bn
Exports from India to the UAE have grown by almost 12% in 2022-23 to hit $31.3 billion, more than double the 5.3% growth in India’s overall exports, following 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 continues to dominate trade between the two nations, India’s automotive exports to the UAE jumped 42% while imports of aircraft parts from the Emirates surged more than 50-fold — from a mere $39 million in 2021-22 — to almost $2 billion last fiscal.
India’s imports from the UAE grew 18.8% to $53.2 billion in 2022-23, faster than the 16.1% increase 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 more than 80% of its tariff lines corresponding to 90% of India’s exports in value terms.