Sunil Barthwal said that despite good growth in trade between the two countries, there was still potential to improve further…reports Asian Lite News
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 $31.3 bn in FY2023 as against $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 $44.8 billion to $53.2 billion. In the same period, India’s global exports grew by 4.8 per cent, from $390.7 billion to $416.3 billion.
According to data from the commerce ministry released on Monday, India’s global imports declined 16.1 per cent to $613.05 billion in FY2023 from $711.85 billion in FY2022.
During FY2023, the country’s non-oil imports from the UAE grew 4.1 per cent to $25.5 billion from $24.5 billion.
India’s global non-oil imports surged 7.8 per cent to $418.2 billion in FY2023, against $450.8 billion in FY2022. (ANI)