India-UAE trade hits $100 bn milestone 5 years ahead of schedule

India-United Arab Emirates (UAE) trade has hit the $100 billion milestone five years ahead of schedule, the UAE’s minister of state for foreign trade said on Thursday.

“We had aimed to reach that by 2030, but we did it by 2024,” Thani Al Zeyoudi said, calling the achievement “a direct result” of the Comprehensive Economic Partnership Agreement (Cepa) signed with India in 2022.

The India-UAE Cepa agreement was finalized in a record 88 days.

“Based on their (India’s) figures, since April 2024 until March this year, we exceeded $100 billion for both oil and non-oil sectors,” he added.

Al Zeyoudi was speaking during a panel discussion following the release of the UAE Economic Diplomacy Report 2024-25, prepared by the Anwar Gargash Diplomatic Academy to serve as a reference for UAE diplomats.

The India deal is one of 27 Cepas, with several already in force and others pending implementation.

“There is a complete plan,” Al Zeyoudi said. “By the end of this year and into next year, we expect to reach 40 to 45 agreements.”

The Cepa framework focuses on scrapping barriers such as tariffs and restrictive import regulations, unlocking trade and investment flows in both oil and non-oil sectors.