Dubai-India Trade Summit Celebrates Advancement in Key Commercial Partnerships
The Dubai-India Business Forum concluded in Mumbai today, underscoring the growing momentum in UAE-India relations. Organized by Dubai Chambers, the event brought together over 200 senior officials and investors, including a 39-member delegation of leading Dubai business figures.
The forum aimed to strengthen bilateral economic ties between the two markets. During the high-level panel discussion, future collaboration in trade, investment, and global expansion was discussed. HE Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized Dubai's appeal as a hub for Indian businesses.
The current status of UAE-India economic ties is marked by rapid growth and deepening strategic partnership. In 2024, non-oil trade between the UAE and India reached AED142 billion, a 19% year-on-year increase. This surge is largely due to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022, which has significantly boosted trade.
The CEPA has led to tariff reductions on over 80% of goods and improved trade facilitation, with non-oil trade standing at about $65 billion in 2024. Key recent initiatives strengthening UAE-India trade include the signing of a Bilateral Investment Treaty in 2024, innovative collaborations in local currency trade settlements, and the launch of initiatives like the Virtual Trade Corridor and MAITRI platform in 2024.
These developments reflect a broadening partnership beyond trade volumes to include investment, technology, fintech, logistics, renewable energy, civil nuclear cooperation, critical minerals, and digital governance efforts. The largest Indian diaspora globally residing in the UAE (over 4.5 million people) plays a significant role in this partnership.
The event was held alongside the official visit of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to India. The forum's aim to strengthen bilateral economic ties between the UAE and India was reiterated but not expanded upon. HE Ahmad bin Byat, Vice Chairman of Dubai Chambers, made a statement during the event, but no new information about his statement was provided.
Dubai's strategic role as a launchpad for Indian firms targeting international markets was reinforced during the forum. The forum supports Dubai Chambers' goal of deepening global economic ties, driving investment, and creating new opportunities across key sectors. As of 2024, over 72,000 Indian companies are currently registered in Dubai, with this number expected to grow further as businesses leverage CEPA benefits, rupee trade settlements, and tariff advantages.
With these initiatives in place, UAE-India economic ties are on a trajectory to exceed $100 billion in trade by 2027, underpinned by innovative, multifaceted cooperation and strong people-to-people relations.
- The forum, held in Mumbai, aimed to strengthen bilateral economic ties between the UAE and India, specifically discussing future collaboration in trade, investment, and global expansion.
- HE Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized Dubai's appeal as a hub for Indian businesses, reinforcing Dubai's strategic role as a launchpad for Indian firms targeting international markets.
- The Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022 has significantly boosted trade between the UAE and India, leading to tariff reductions on over 80% of goods and improved trade facilitation.
- The CEPA, along with initiatives like the Bilateral Investment Treaty in 2024, innovative collaborations in local currency trade settlements, and the launch of the Virtual Trade Corridor and MAITRI platform, are expanding UAE-India ties beyond trade volumes to include investment, technology, fintech, logistics, renewable energy, and digital governance efforts.
