We expect around $50 billion export to UAE by 2026-27: India's Commerce Secretary

Business Tuesday 02/May/2023 07:25 AM
We expect around $50 billion export to UAE by 2026-27: India's Commerce Secretary

New Delhi: Secretary, Department of Commerce, Sunil Barthwal on Monday said India expects around $50 billion in exports to the United Arab Emirates by 2026-27.

During a media briefing by the commerce secretary, he said, "Ease of doing business between the two countries will be also eased. We are looking if any issues are left out. Our friendships with UAE will deepen further". He said that despite good growth in trade between the two countries, there was still potential to improve further.

"During one year of UAE-India Comprehensive Economic Partnership Agreement (CEPA) India's exports to UAE grew by 11.8 per cent in the financial year 2023," Sunil Barthwal said, adding "India's exports to the UAE grew to USD 31.3 bn in FY2023 as against USD 28 billion in FY2022. India-UAE CEPA came into effect on May 1, 2022."

During the same period Imports from the Middle East country to India increased by 18 per cent from USD 44.8 billion to USD 53.2 billion. In the same period, India's global exports grew by 4.8 per cent, from USD 390.7 billion to USD 416.3 billion.

According to data from the commerce ministry released on Monday, India's global imports declined 16.1 per cent to USD 613.05 billion in FY2023 from USD 711.85 billion in FY2022.

During FY2023, the country's non-oil imports from the UAE grew 4.1 per cent to USD 25.5 billion from USD 24.5 billion.

India's global non-oil imports surged 7.8 per cent to USD 418.2 billion in FY2023, against USD 450.8 billion in FY2022.