India, UAE Expand Trade Partnership to Reach $100 Billion Non-Oil Target

India and the United Arab Emirates are accelerating the implementation of the Comprehensive Economic Partnership Agreement (CEPA) to reach a $100 billion non-oil trade target by 2030. The expansion of this bilateral framework comes as both nations seek to insulate their economies from heightening global market volatility and supply chain disruptions. Non-Oil Trade Trajectory Current data indicates that non-oil bilateral trade reached approximately $50.5 billion in the first year of the CEPA, which came into force in May 2022. This represents a 5.8% increase over the previous year. The two nations are now prioritizing sectors such as jewelry, machinery, and automotive parts to bridge the gap toward the $100 billion milestone. UAE investment in India has also surged, with the country becoming the fourth-largest investor in India during the 2022-23 fiscal year, contributing $3.35 billion in Foreign Direct Investment (FDI). Infrastructure and Logistics Integration A key component of the expanded partnership involves the India-Middle East-Europe Economic Corridor (IMEC). This multi-modal transport and ship-to-rail transit network is designed to reduce trade costs between the two…