India's exports to the UAE are expected to reach $50 billion by 2026-27 from $31.3 billion at present on the back of the free trade agreement between the countries, a top government official said on Monday.
Commerce Secretary Sunil Barthwal said that trade between India and the UAE has grown significantly after the implementation of the trade agreement on May 1 last year.
"We are hoping that we would be able to reach $50 billion exports by 2026-27," Barthwal told reporters here.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was signed between the two nations on Feb. 18, 2022, officially came into force on May 1 last year.
India's exports to the UAE in 2022-23 rose by 11.8% to $31.3 billion, while imports grew by 18.8% to $53.2 billion in the last fiscal.
P Aqeel Ahmed, former chairman of the Council for Leather Exports said that the trade agreement is the "most effective which we have seen in recent times".
RECOMMENDED FOR YOU
India's Gems, Jewellery Exports In November Grew 20% To $2.5 Billion
Kolhapuri Chappals Have Export Potential Of $1 Billion: Piyush Goyal After Prada Deal
India Needs To Reimagine Its Airports As 'Economic Hubs' | The Reason Why
US Tariffs Begin To Bite As India’s Exports Dip For First Time In 2025
POPULAR