India-UAE trade has surged by 16 pc, will continue to grow further, says Ambassador Alshaali

UAE Ambassador to India, Abdulnasser Jamal Alshaali appreciated the rise in India-UAE trade by 16 per cent and emphasised that gold has played a significant part in the bilateral trade between the two nations.

He made the remarks as the two nations are celebrating two years of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

While speaking to ANI, the UAE envoy said, “Trade has increased by 16 per cent. This includes oil to USD 85 billion. Interest has grown in UAE companies wanting to invest in India and Indian companies wanting to expand into the UAE, in terms of people-to-people connection and an increase in the numbers of people travelling between the two countries.”

“The ebb and flow based on the product and based on what’s the area of focus in that year. Gold has increased by 62 per cent. There’s machinery, other manufacturing-related products, chemicals among others between the two countries,” he added.

The UAE envoy further emphasized the enduring significance of gold in bilateral trade between India and the UAE.

“It will continue to grow. Gold is important and cherished here in India. It’s also important for us in the UAE. Gold would continue to be a significant component of bilateral trade between the two countries…Apart from gold and petroleum, food is something, food substance is something which is very important also,” the UAE Ambassador said.

Additionally, the UAE Ambassador, Alshaali emphasised that the relationship between India and the UAE extends beyond the trade of oil and petroleum products. He also highlighted the cooperation between the two nations during the COVID-19 pandemic.

“The way we see it is not oil and petroleum products versus food commodities, but we see it as energy security and food security. The UAE has been a very important partner of India when it comes to India’s energy security and India has been an important partner for the UAE when it comes to our food security one clear example was what happened during COVID-19,” the UAE envoy said.

“This will continue to be the case and this is why you would that have been announced focusing on energy security and food security for each country,” he added

The UAE Ambassador said that the UAE envoy said CEPA has been increasing trade and this will continue to be the case over the coming years.

He also underscored the pivotal role of aviation in unlocking the full potential of economic exchange and people-to-people connectivity between the two nations.

“But if we truly want to see what could be achieved in this relationship in terms of economic exchange between the two countries, people-to-people connectivity, an increase in a number of medical tourists, students, travelling between the two countries and their families, and so on and so forth, aviation is key, and aviation is going to be important,” Alshaali said.