The free trade agreement between India and the UAE has transformed the partnership between the two countries by promoting two-way commerce at a healthy rate, an official statement said on Tuesday. The agreement came into force on May 1 last year.

Addressing a business gathering in Dubai, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that initial gains of the pact have already started accruing with bilateral trade growing at around 20 per cent and touching an “all-time” high of around USD 84 billion during 2022-23.

Singh, along with Juma Mohammed Al-Kait, Assistant Undersecretary for International Trade, Ministry of Economy, United Arab Emirates and Sunjay Sudhir, Ambassador of India to the UAE, inaugurated the International Jewellery Exposition Centre in Dubai. Around 100 companies from India and UAE, including representatives from Export Promotion Councils from India, have participated in the expo.

The secretary also held one-on-one meetings with senior representatives of the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company. The two-day visit to the UAE of the Indian delegation led by the DPIIT secretary concluded on May 9.

“The visit took place in the context of the joint celebrations being organised by the UAE and India to mark the important milestone of the first anniversary of the Implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA),” the commerce and industry ministry said.