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Since the Year 2015, when PM Modi visted the United Arab Emirates and accelarated the bilateral initiatives the
relations are thriving at commecrical as well as the cultural heights.

Comprensive Economic Partnership Agreement (CEPA) as signed in Feb 2024 between India and UAE is the first in
a series of FTAs that India is pursuing to boost exports sharply to USD 1 trillion each in merchandise and services
by 2030. This partnership has been marked by close people-to-people contacts, shared synergies and deepened
bilateral relationships between the two countries.

According to HE Ahmed Aljeibi, Director of the UAE-India CEPA Council, Non-oil trade between the UAE and India
registered a 20% increase during the 2023-2024 financial year, highlighting the transformative potential of CEPA as
the total trade has increased by nearly 15%, with the UAE’s exports rising by over 7%, and Indian exports to the UAE
growing by an impressive 27%.

Likewise In the era of Foreign exchange regulations, Local Currency Trade Settlement Mechanism (LCTSM) is
remarkably unlocking the economic corridors and globalization of Indian Currency for the cross the border
transactions between UAE and India in local currencies (AED vs INR). The Mechanism is approved by The Central
Bank of UAE and Reserve Bank Of India in the last financial Year 2023-24.

Conclusion - Opinion

India’s growth story is characterized by resilience, innovation, and a commitment to inclusive development as
India continues on its path to becoming a global economic powerhouse, strategic investments, policy reforms, and
inclusive development will be key drivers of its future success.

While India faces multifaceted challenges, its growth trajectory remains promising. With prudent fiscal management,
targeted reforms, and investments in human capital and infrastructure and push to sustained manufacturing, India
is poised to realize its immense potential and emerge as a beacon of economic growth and development on the
global stage.

On 15th August 2024, the 78th Indepence Day celebration by Indian Business & Professional Council (IBPC Dubai),
cabinet minister of UAE His Highness Sheikh Nahyan bin Mubarak Al Nahyan shared the stage with Ambassodor
of India in UAE and being Chief Guest addressed the citizens with congratulations for the remarkable milestone in
the history of Two beloved countries.

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42 nd ANNUAL INTERNATIONAL 42 nd ANNUAL INTERNATIONAL
$5 Trillion $5 Trillion
Economy CONFERENCE 2024-25 CONFERENCE 2024-25 Economy
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