Huge surge in India-UAE bilateral trade; will continue to grow further, says UAE envoy

NEW DELHI: A huge surge has been reported in the trade between the UAE and India. It is reported that bilateral trade between the two countries has increased by 16 percent in the last two years. According to the UAE Embassy in India, there has been significant growth in trade in sectors such as jewellery, pharmaceuticals, fruits and vegetables.

UAE Ambassador to India, Abdulnasser Jamal Alshaali appreciated the rise in India-UAE trade by 16 per cent and emphasised that gold has played a significant part in the bilateral trade between the two nations.

He made the remarks as the two nations are celebrating two years of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

"Trade has increased by 16 per cent. This includes oil to USD 85 billion. Interest has grown in UAE companies wanting to invest in India and Indian companies wanting to expand into the UAE, in terms of people-to-people connection and an increase in the numbers of people travelling between the two countries," the UAE envoy said.

"The ebb and flow based on the product and based on what's the area of focus in that year. Gold has increased by 62 per cent. There's machinery, other manufacturing-related products, chemicals among others between the two countries," he added.

The UAE envoy further emphasized the enduring significance of gold in bilateral trade between India and the UAE.

"It will continue to grow. Gold is important and cherished here in India. It's also important for us in the UAE. Gold would continue to be a significant component of bilateral trade between the two countries...Apart from gold and petroleum, food is something, food substance is something which is very important also," the UAE Ambassador said.

Additionally, the UAE Ambassador, Alshaali emphasised that the relationship between India and the UAE extends beyond the trade of oil and petroleum products. He also highlighted the cooperation between the two nations during the COVID-19 pandemic.