Trade between the UAE and India has increased by 10 per cent in the year after the countries agreed to a major economic treaty, setting the stage for greater co-operation throughout the Middle East and Asia.
Non-oil trade rose to nearly $50 billion since the Comprehensive Economic Partnership Agreement (Cepa) was signed a year ago today, putting it on track to achieve its $100 billion goal by 2030, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a statement on Saturday.
“It was a landmark agreement that created a powerful nexus of fast-growth nations who are helping to redefine the future of trade. And it delivered from day one,” Dr Al Zeyoudi said in a LinkedIn post.
He said India, South Asia's largest economy, is emerging as a “fourth economic pole” alongside the US, Europe and China.
“In parallel, we are cementing our position as a middle power — an innovation hub, a global market and a gateway to the world,” the minister said.
“As the economic centre of gravity shifts south and east, the UAE-India Cepa is creating an economic alliance that promises to help unlock the Asian future and establish the trade routes of tomorrow.”
The UAE signed its first Cepa with India a year ago today, and it took effect on May 1. The benefits of Cepa include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules and rule-based competition.
This helped propel trade between the two nations to $38.6 billion in the first nine months of 2022 — almost double the figure recorded in the same period of 2020.
In the first eight months since its implementation, trade surged 30 per cent, which puts the countries on track to achieve $88 billion worth of trade in the financial year, Indian ambassador to the UAE Sunjay Sudhir said last month.
The UAE is India's third-biggest trading partner, while the South Asian nation is the Emirates’ second-largest trading partner. India hopes its exports will hit $1 trillion in the near to medium term, Piyush Goyal, India’s minister of commerce and industry, has previously said.
The deal, a part of the UAE's trade strategy, is also expected to add 1.7 per cent, or $8.9 billion, to the country's gross domestic product and increase exports by 1.5 per cent, or $7.6 billion, by 2030.
The Emirates aims to conclude at least 22 Cepa deals by 2031, Dr Al Zeyoudi said in December.
As the economic centre of gravity shifts south and east, the UAE-India Cepa is creating an economic alliance that promises to help unlock the Asian future and establish the trade routes of tomorrow
Dr Thani Al Zeyoudi,
UAE Minister of State for Foreign Trade
The UAE’s non-oil foreign trade reached a record Dh2.23 trillion ($607.1 billion) in 2022, as the Arab world’s second-largest economy accelerates efforts to reduce its dependence on hydrocarbons and boosts its economic partnerships globally, government data showed earlier this month.
On Friday, Dr Al Zeyoudi addressed a delegation from the Federation of Indian Chambers of Commerce and Industry as part of the one-year anniversary of Cepa.
The UAE-India Cepa is “another step on a journey that first began with our foundation as a united, independent nation in 1971. And it’s remarkable how far we have both come,” he said in a statement on Saturday.
“There is, in my mind, no better model of international co-operation than this modern, flexible and mutually beneficial deal, and I look forward greater collaboration and innovation as we begin to realise its full potential.”
The UAE Chapter of the UAE-India Business Council in Dubai was also launched on Friday. It aims to improve collaboration between the nations' business sectors and help them to access each other's markets and expertise.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Killing of Qassem Suleimani
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
more from Janine di Giovanni
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India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
