Abu Dhabi [UAE], May 14 (ANI): India’s Ambassador to the UAE, Deepak Mittal, said the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates has significantly boosted bilateral trade and investment ties, with trade crossing the USD 100 billion mark for the second consecutive year.
Speaking to ANI ahead of Prime Minister Narendra Modi’s visit to the UAE, Mittal said the CEPA, signed in 2022, had become a strong framework for expanding economic engagement between the two countries.
“You know CEPA — Comprehensive Economic Partnership Agreement. We entered into it in 2022, and if I recall correctly, it was the first kind of free trade or comprehensive economic partnership agreement India entered into with a country outside the region,” Mittal said.
He added, “It was completed in record time. We are now four years since signing CEPA, and it has had a very positive impact on our trade.”
The envoy noted that bilateral trade had crossed USD 100 billion twice, making the UAE India’s third-largest trading partner, while India is now the UAE’s second-largest trading partner.
“The trade has crossed USD 100 billion already, making the UAE the third-largest trading partner for India. For the UAE, India is the second-largest trading partner today,” he said.
“This USD 100 billion milestone has now been recorded twice, in 2024-25 and again in 2025-26. So, it’s a habit we have developed — not just achieving it once, but making it a consistent trend,” Mittal added.
He said that during the January meeting between Prime Minister Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan, both sides set a target of achieving USD 200 billion in bilateral trade by 2032.
“The leadership has now set a new target for us — reaching USD 200 billion in bilateral trade by 2032,” he said.
Mittal also highlighted the growing contribution of non-oil trade, saying it now accounts for nearly two-thirds of total bilateral trade.
“If I’m talking about USD 100 billion, non-oil trade now accounts for nearly 66 to 67 percent of our total trade,” he said, adding that Indian exports to the UAE had also recorded strong growth after the CEPA agreement.
Referring to regional tensions surrounding the Strait of Hormuz, Mittal said both countries were working to build resilient supply chains and strengthen connectivity.
“We know the situation that has emerged because of tensions around Hormuz, but the effort on both sides is to develop resilience,” he said.
The ambassador pointed to growing maritime and logistics cooperation between India’s western coast and UAE ports such as Khor Fakkan and Fujairah.
“We have worked to enhance connectivity from India’s western coast and our ports there, while also strengthening connectivity with the ports of Khor Fakkan and Fujairah,” he said.
Mittal also underlined cooperation in fintech, trade facilitation, and multimodal connectivity under the India-Middle East-Europe Economic Corridor (IMEC).
“We are together as part of the IMEC corridor, which is a multimodal connectivity initiative we are developing and working on. The UAE again becomes an important partner in this connectivity,” he said.
Speaking on the significance of Modi’s upcoming visit, Mittal described the India-UAE partnership as one that had transformed over the past decade under the leadership of Prime Minister Modi and Sheikh Mohammed.
“The personal chemistry he shares with the UAE President and leadership here is a very strong driving factor in our relationship,” he said.
Mittal noted that Modi’s upcoming visit would be his seventh to the UAE in nine years, reflecting the close engagement between the two leaderships.
“The two leaders have already met or visited each other 12 times in the past nine years. This will be the 13th interaction at that level,” he said.
He added that the visit comes at a critical time amid developments in West Asia and would provide an opportunity for both sides to discuss regional issues and deepen their comprehensive strategic partnership.
“I’m sure this visit will provide an opportunity for both sides to hold in-depth discussions on the prevailing regional situation, while also exploring ways to strengthen and deepen the comprehensive strategic partnership,” Mittal said.
Prime Minister Narendra Modi will undertake a five-nation tour from May 15 to May 20, which includes visits to the United Arab Emirates and four European countries — the Netherlands, Sweden, Norway, and Italy.
The prime minister will begin his visit in the UAE on May 15, where he is scheduled to meet UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The two leaders are expected to exchange views on bilateral relations, particularly energy cooperation, as well as regional and international issues of mutual interest. (ANI)
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