India-UAE Set to Achieve $100 Billion in Non-Oil Trade by 2030
Introduction
India and the United Arab Emirates (UAE) are on track to achieve $100 billion in non-oil tradeby 2030, according to the commerce ministry. This follows the second meeting of the Joint Committee (JC) under the Comprehensive Economic Partnership Agreement (CEPA), held in the UAE. The meeting, co-chaired by Ajay Bhadoo from India’s commerce department and Juma Al Kait from the UAE, highlighted the rapid trade growth since CEPA’s implementation in 2022.
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Key Focus Areas: TRQ and Jewellery Trade
A major focus of the discussion was the implementation of Tariff Rate Quotas (TRQ), designed to allow UAE exporters to benefit from lower tariffs on specific products. India also requested designating the Indian Jewellery Exposition Center in Dubai as a trade zone, which would enable Indian jewellery manufacturers to access concessional duties.
Advancing Trade in Services
The two countries discussed the importance of Mutual Recognition Agreements (MRAs), which would allow professionals such as lawyers, accountants, and healthcare workers to operate without additional certifications. They committed to holding a sub-committee meetingsoon to expedite these agreements.
Concerns over Rising Imports
India raised concerns about a recent surge in silver products, platinum alloys, and dry datesimports from the UAE, emphasizing the need for strict adherence to rules of origin norms. Both countries agreed to ensure better verification processes.
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Bilateral Trade Growth
Trade between India and the UAE has grown steadily, reaching $83.6 billion in 2023-24, up from $59.5 billion in 2013-14. While oil remains a key import, CEPA has encouraged growth in non-oil sectors, including manufacturing, jewellery, and services.
Conclusion: A Promising Economic Partnership
The India-UAE trade partnership is evolving rapidly under CEPA, with both sides committed to achieving their $100 billion non-oil trade target. The focus on TRQ, professional services, and compliance checks highlights their intent to maintain transparency and unlock further growth.With robust trade momentum, mutual cooperation, and reduced barriers, this partnership promises to shape a dynamic economic future for both nations.
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