New Delhi, May 1 (IANS) The India-UAE Comprehensive Economic Partnership Agreement (CEPA) is driving robust trade expansion and opening new avenues for Indian businesses, Union Minister Piyush Goyal said on Friday. Four years after the implementation of the India-UAE Comprehensive Economic Partnership Agreement, the bilateral economic relationship between India and the United Arab Emirates has witnessed significant growth across multiple sectors.Highlighting the progress in a post on social media platform X, Goyal said the agreement has created transformational opportunities for Indian farmers, MSMEs and businesses.“Four years ago, when the India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force, it created a transformational opportunity for Indian farmers, MSMEs, and other businesses,” Goyal stated.

He noted that bilateral merchandise trade between the two nations has crossed the $100 billion mark -- reflecting strong momentum since the agreement came into force.Services trade has also shown steady growth, helping Indian companies access new markets while enhancing value creation.“Bilateral merchandise trade has grown strongly, crossing $100 billion, with services trade also rising steadily and opening new markets and greater value,” Goyal mentioned.“Expansion across key sectors like gems and jewellery, engineering goods, electronics, and agriculture is delivering tangible gains, and FDI inflows from the UAE and India's overseas investments further reflect our deepening economic linkages,” Goyal explained.According to the minister, key sectors such as gems and jewellery, engineering goods, electronics and agriculture have seen notable expansion under the CEPA framework.

These gains are translating into real benefits for exporters and entrepreneurs, strengthening India's position in global trade.Goyal further said that rising foreign direct investment (FDI) inflows from the UAE into India, along with increased overseas investments by Indian firms, underscore the deepening economic partnership between the two countries.Meanwhile, earlier in the day, he informed about a virtual interaction with UK Secretary of State for Business and Trade Peter Kyle to deepen bilateral trade and investment ties.Both leaders explored ways to enhance trade and investment ties, while fully leveraging the India‑UK Comprehensive Economic and Trade Agreement (CETA), the minister said in a social media post.

/IANS