Gujarat Chief Minister Bhupendra Patel on Thursday, 23 July declared that the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022 has elevated the United Arab Emirates to the position of India's third-largest business partner, speaking at the inauguration of 'Investopia Global - Ahmedabad' in Gandhinagar. The event brought together senior officials from both nations to deepen an economic relationship that now spans trade, investment, and strategic infrastructure.

CEPA's Historic Transformation

Addressing the inaugural session, Patel described the 2022 CEPA as having brought about a 'historic transformation' in bilateral economic ties. He credited the agreement directly for the UAE's rise in India's trade partner rankings, noting that the two nations had moved well beyond conventional commerce.

The Chief Minister pointed to the centuries-old maritime trading relationship between Gujarat and the UAE across the Arabian Sea, framing the Investopia Global event as a convergence of 'two civilisations and two economies.'

Modi's Diplomatic Footprint in UAE Relations

Patel highlighted that Prime Minister Narendra Modi's visit to the UAE in 2015 was the first by an Indian Prime Minister in 34 years, and that Modi has since visited the country seven times. UAE President Sheikh Mohamed bin Zayed Al Nahyan has reciprocated with five visits to India, including a visit to Gujarat during the Vibrant Gujarat Summit in 2024.

Patel also cited the inauguration of the first Hindu Swaminarayan Temple in Abu Dhabi as evidence of deepening cultural ties alongside economic cooperation.

Gujarat's Trade and Industrial Strengths

Outlining Gujarat's export profile, Patel said the state ships chemicals, pharmaceuticals, gems and jewellery, engineering products, ceramics, textiles, agricultural produce, and processed food to the UAE. He positioned the partnership as offering Gujarat not just economic opportunity but a stronger foothold in the global supply chain.

On infrastructure, Patel noted that Gujarat operates one major port and 48 non-major ports, holds more than 51 GW of renewable energy capacity, hosts GIFT City as India's first fintech city, and has three operational semiconductor plants with approvals pending for six more — the highest count in the country.

UAE Minister: $100 Billion Trade, Target of $200 Billion by 2032

UAE Minister of Economy and Tourism Abdulla Bin Touq Al Marri said bilateral trade between India and the UAE exceeded USD 100 billion in 2025, with both governments having set a target of scaling this to USD 200 billion by 2032. He described the relationship as going beyond trade: 'The UAE and India are not just engaged in trade, but are building a strong economic corridor.'

Al Marri disclosed that the UAE recorded GDP growth of 5.6 per cent in 2025 and that the non-oil sector now accounts for more than 77.3 per cent of the country's GDP — a marker of its economic diversification. He also noted that the Abu Dhabi Investment Authority (ADIA) has established a subsidiary office in GIFT City, signalling deepening financial integration.

Sectors earmarked for expanded collaboration include semiconductors, financial corridors, food security, tourism, digital infrastructure, and logistics. Al Marri urged stakeholders to move from dialogue to concrete investment agreements.

Aligning Visions: Viksit Bharat and We the UAE 2031

Patel drew a direct line between Prime Minister Modi's 'Viksit Bharat' vision and the UAE's 'We the UAE 2031' strategic framework, arguing that Gujarat-UAE partnerships could contribute meaningfully to both national goals. Memoranda of Understanding (MoUs) signed during the event were expected to further formalise investment commitments and invite UAE businesses to establish ventures in Gujarat.

With bilateral trade already past the USD 100 billion mark and a clear roadmap to double it by 2032, the India-UAE economic corridor appears to be entering its most consequential phase yet.