India's trade with the UAE has expanded despite a slowdown in global trade, with experts anticipating further growth in volumes between the two countries.
Non-oil trade between the Emirates and India grew by 3.9 per cent in 2023, accounting for more than 7.6 per cent of the UAE’s total trade, official data shows.
By contrast, the UN trade organisation Unctad in December estimated that global trade was set to contract by 5 per cent in 2023, while warning of a “still uncertain but overall pessimistic” outlook for 2024.
It said that the decline was due to “diminished demand in developed nations and] underperformance in East Asia economies”.
While analysts are upbeat on the outlook for UAE-India trade, as the two countries continue to boost ties and as India is expected to be the world’s fastest growing major economy this year, they warn that any escalation in conflicts in Gaza and Ukraine and attacks on ships in the Red Sea by Houthi fighters remain risk factors.
“The outlook for UAE-India trade is highly favourable, with multiple factors poised to drive continued expansion in the coming years”, says Monica Sood, chairwoman of India's National Unity and Security Council.
Behind last year’s growth in non-oil trade and the potential for further expansion in UAE-India trade is a burgeoning partnership over the years, including the recent Comprehensive Economic Partnership Agreement (Cepa) and the launch of a mechanism to settle trade in local currencies, Ms Sood told The National.
“Ongoing discussions between the UAE and India aimed at enhancing non-oil commerce, particularly in rupees, indicate a mutual commitment to deepening trade ties,” she added.
This comes as the UAE is striving to diversify its economy and has been sharply focusing on boosting its trade relationship with countries including India – its second-largest trading partner after China.
The UAE's non-oil foreign trade hit a record high of Dh3.5 trillion ($953 billion) last year, up from Dh2.23 trillion the previous year, bucking a trend of a decline in the global movements of goods and services, according to figures announced by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on social media platform X earlier this month.
India signed a Cepa with the UAE in May 2022, which provided an immediate boost to the South Asian country, according to official data.
The economic agreement helped boost New Delhi's trade to $84.5 billion in the financial year ending March 2023, compared with from $72.9 billion in the year to March 2022, Indian government statistics show.
However, as the geopolitical situation seemingly worsens, the trade ties between the two allies are at risk, analysts warn.
“Any escalation of regional conflicts or tensions in the Middle East or South Asia could disrupt trade routes, increase transportation costs, or lead to economic uncertainties, impacting trade between the UAE and India,” said Ms Sood.
The prevailing security threats include terrorism, attacks on transport vessels, and piracy among other barriers, she added.
The impact that the Houthi attacks on ships in the Red Sea will have on India-UAE trade is two-fold, according to Rakesh Mohan Joshi, former dean of the Indian Institute of Foreign Trade.
“One is the disruption of the normal supply chain and the logistics, and it could increase the shipping costs. But more importantly, if this disruption continues, the price of oil could go up,” he said.
For the UAE, food inflation has already been a concern, and India last year imposed restrictions on the export of crops, including rice and wheat, as it tried to ensure its own food security and keep prices under control for its population.
Agricultural commodity prices rose globally following Russia’s invasion of Ukraine, as supplies from two of the world’s major exporters of wheat and other crops were disrupted. India’s produce was also hit as the country faced extreme weather conditions, including heatwaves and floods, which damaged crops.
“Addressing food inflation concerns, particularly in the UAE, presents a complex challenge with potential implications for global trade dynamics, especially concerning essential commodities like basmati rice,” said Ms Sood.
“While India annually exports significant quantities of basmati rice to various countries, including the UAE, imposing bans or restrictions on such exports could have far-reaching effects.”
Any such restrictions would exacerbate inflationary pressures, she said, adding that trade relations between India and the UAE, however, remain “robust”.
Along with the two nations' deep, historic trade ties, their relations are also helped by the large number of Indian expats in the UAE.
Helped by initiatives including the Cepa, the two countries are aiming to double their non-oil trade to $100 billion by 2030.
“With this agreement, things are moving forward very fast,” says Mr Joshi.
“The main commodities exchanged between the two sides have diversified, especially UAE exports, to include gold, jewellery, plastics, cement, petroleum oils and dates, which have achieved significant growth after benefitting from the provisions of the Cepa,” Dr Thani Al Zeyoudi, the UAE's Minister of State for Foreign Trade, said recently.
In a move aimed at helping to reduce transaction costs and boost cross-border trade, India and the UAE last July agreed to settling bilateral deals using local currencies.
More recently, during Indian Prime Minister Narendra Modi's visit to the UAE this month, the two nations signed an agreement on the India-Middle East-Europe Corridor, a trade route that aims to link Europe with India through the Middle East by rail and sea.
IMEC was first announced at the G20 summit held in New Delhi last September and aims to boost and reduce the costs of global trade.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
MATCH INFO
Group B
Bayern Munich v Tottenham, midnight (Thursday)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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UAE currency: the story behind the money in your pockets
ATP RANKINGS (NOVEMBER 4)
1. Rafael Nadal (ESP) 9,585 pts ( 1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
11. David Goffin (BEL) 2,335 ( 3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 ( 1)
15. Denis Shapovalov (CAN) 2,050 ( 13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 ( 7)
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
Tuesday results:
- Singapore bt Malaysia by 29 runs
- UAE bt Oman by 13 runs
- Hong Kong bt Nepal by 3 wickets
Final:
Thursday, UAE v Hong Kong
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
Race card:
6.30pm: Maiden; Dh165,000; 2,000m
7.05pm: Handicap; Dh165,000; 2,200m
7.40pm: Conditions; Dh240,000; 1,600m
8.15pm: Handicap; Dh190,000; 2,000m
8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m
9.25pm: Handicap; Dh170,000; 1,600m
10pm: Handicap; Dh190,000; 1,400m
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90 4')
The%20Woman%20King%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
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
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
