The potential of UAE- India relations are limitless and have entered a new era following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between both nations, a top UAE Minister said Thursday.

“Non-oil trade between the two countries amounted to nearly Dh 165 billion in 2021, reflecting a 60 per cent growth compared to 2020 and eight per cent compared to 2019,” said UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi. He was speaking at the first-ever Khaleej Times’ Breakfast Connect’, a celebration of UAE’s year of the 50th and 75th anniversary of India’s independence.

The event kicked off at Dubai’s Habtoor Palace and Resorts in early August 18. Hosted in cooperation with the Consulate General of India in Dubai, the first-of-its-kind event celebrates trade deals, investments, culture, and other significant achievements from the countries’ close bilateral ties.

During his keynote address, Dr Thani said, “India is the UAE’s largest trading partner in non-oil exports, and accounted for 14 per cent of the country’s total global exports in 2021. The CEPA has been designed to push non-oil trade with India beyond the US $100 billion from the current US $40 billion over next five years.”

He said, “Moreover, the UAE is home to nearly 3.5 million Indians, representing about 25 per cent of India’s expat diaspora – the largest anywhere in the world. The UAE’s Indian community has been a significant contributor to the development of both our economies – and is a key pillar in our bilateral partnership.”

He stated, “I am convinced there are no limits to what the UAE-India partnership can achieve. Indeed, I believe it is a model that can contribute to the sustainable development of the global economy, especially during such turbulent times.”

Mohamed Yahya Kazi Meeran, director and group CEO of the Galadari Brothers Group, welcomed guests, including Dr Thani, India’s Ambassador to the UAE, Sunjay Sudhir; Dr Aman Puri, Consul-General of India to Dubai and the Northern Emirates; and Nishant Ranjan, chief executive of Bank of Baroda in the UAE.

Following the highly successful UAE- India Investment Forum, which took place in March this year, Breakfast Connect represent a new dawn in the multifaceted economic relationship between the harmonious countries.

Commenting on the state of the UAE- India trade relations after CEPA was signed, Dr Thani said, “The CEPA was the first bilateral trade deal signed by India in the MENA region – and the first by the UAE with any of its trade partners.”

He added, “In the first two months of CEPA’s implementation, both countries enjoyed a substantial boost in exports – and we look forward to this trend continuing in the months and years ahead.”

Dr Thani also said the countries are now working closer than ever to address shared global challenges, achieve common objectives and build a future-ready, robust and resilient relationship.

While giving a welcome address, Vinay Kamat, editor-in-chief of Khaleej Times, said, “One word describes the journey of two great nations – together. We see that in history and culture. KT has chronicled the growth of the UAE and the warmth shared by both nations. The India-UAE story is of two people’s and one aspiration.”