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To make the most of the India-UAE free trade agreement implemented last year, the Sharjah FDI office is holding a roundtable with Indian businesses this week, focussing on the promotion of bilateral trade and investment.
The sectors of interest to the delegation participating in the round table on Tuesday include advanced manufacturing, human capital and innovation, IT and software, health and well-being, greentech, agri-food technology, culture and tourism, and mobility and logistics.
“The high-profile delegation from Sharjah visiting New Delhi will discuss the investment climate, opportunities, and services offered by the Sharjah government to Indian companies,” per a note prepared by exporters’ body Fieo, which is co-organising the roundtable. Sharjah is the third-largest emirate in the UAE after Dubai and Abu Dhabi.
The India-UAE FTA, officially called the Comprehensive Economic Partnership Agreement (CEPA), has been one of the best-used free trade pacts so far for Indian exporters, per the Commerce and Industry Ministry.
“During the past one year, CEPA has made a significant impact on India’s bilateral trade with the UAE and particularly India’s exports to the UAE (oil and non-oil). The bilateral trade between India and the UAE has touched historic highs in 2022–23,” the Fieo note pointed out.
Bilateral trade increased 17 per cent to $84.5 billion in 2022–23, compared with $72.9 billion in 2021–22.
Surging exports
India’s exports to the UAE increased 11.8 per cent to $31.3 billion in 2022–23 compared to the previous fiscal, which was more than double the 4.8 per cent increase in exports to the rest of the world (excluding the UAE).
India’s imports from the UAE increased by 18.8 per cent in 2022–23 to $53.2 billion. Non-oil imports from the UAE during the fiscal year increased at a lower 4.1 per cent, per government data.
The main objective of the Sharjah FDI office, which has initiated the roundtable, is to strengthen the business and cultural relations between India and Sharjah, promote Sharjah’s competitive advantages as the preferred location for commercial and industrial investment, and promote the range of services and investment opportunities offered by the emirate, the note added.
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