India, UAE aim to double non-oil, non-precious metal trade to $100 billion in 3-4 years: Piyush Goyal
The Commerce and Industry Minister Piyush Goyal has said that India and the United Arab Emirates (UAE) have set a target to double bilateral trade in non-oil and non-precious metal to $100 billion over the next 3 to 4 years. Currently, the bilateral trade in non-oil and non-precious metals stands at about $50 to $55 billion. He also said that both sides have decided to work on modalities to invest in regions, such as Africa and the GCC (Gulf Cooperation Council), in various sectors like infrastructure, by leveraging the UAE's investment strength and India's talent pool.
These issues relating to bilateral trade were discussed during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments here. The minister said both sides also explored new frontiers for investment and collaboration, especially in the maritime, defence, aerospace, and space sectors to drive mutual growth. He added that trade in local currencies is also on the rise, which will help traders to cut transactions cost and will promotes ease of operations.
In February 2022, India and UAE had signed Comprehensive Economic Partnership Agreement (CEPA). Since signing of the Agreement, both the governments have strived to address challenges faced by each other’s exporters through regular high-level meetings and technical discussions between the officials. During financial year 2024-25, the bilateral trade between both countries stood at $100.05 billion.
