New Delhi, May 1 (IANS): Bilateral trade between India and the UAE under the comprehensive economic partnership agreement (CEPA) has increased from $72.9 billion (April 2021-March 2022) to $84.5 billion (April 2022-March 2023), registering a year-on-year growth of 16 per cent, Commerce Secretary Sunil Barthwal said on the first anniversary of CEPA.

CEPA is a full and deep agreement which was signed on February 18, 2022, during a virtual summit between Prime Minister Narendra Modi, and President of the UAE and the ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan. The CEPA came into force from May 1, 2022.

During the CEPA implementation period (i.e. from May 2022 to March 2023), bilateral trade increased from $67.5 billion (May 2021-March 2022) to $76.9 billion (May 22-March 2023), showing an annual increase of 14 per cent, official sources said.

Exports from India to the UAE have also risen, as during April-March period, Indian exports to the UAE increased from $28 billion to $31.3 billion, an increase of around $3.3 billion or 11.8 per cent year-on-year.

During the same period, growth in India's global exports was 5.3 per cent, excluding the UAE, India's global exports grew at 4.8 per cent.

During the CEPA implementation period, India's exports to the UAE increased from $26.2 billion (May 2021 - March 2022) to $28.5 billion (May 2022 - March 2023), a rise of 8.5 per cent.

During the same period, India's global exports, excluding the UAE, grew at 3.1 per cent. India's imports from the UAE have grown to $53.2 billion (an annual increase of 18.8 per cent) during April 2022 to March 2023.

Non-oil imports during the same period grew by 4.1 per cent.