Abu Dhabi [UAE], September 18 (ANI): India and the UAE have set a target to increase their non-oil, non-precious metals trade to USD 100 billion over the next three years, Union Minister Piyush Goyal announced on Wednesday at a press conference in Abu Dhabi.
Highlighting progress since the signing of the Comprehensive Economic Partnership Agreement (CEPA), Goyal said, “The goal we set at the time of the CEPA was to achieve USD 100 billion in bilateral trade. Last year, we achieved USD 100 billion in bilateral trade in just three years.” Building on this milestone, he emphasised the new focus on diversifying trade beyond traditional sectors.
The announcement came alongside a large Indian business delegation, including representatives from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Goyal noted, “More than 70 people, and I don’t think such a large delegation has ever come from India to the UAE. This demonstrates the interest in increasing trade and investment with the UAE.”
Goyal outlined key sectors for growth, including textiles, home decor, fisheries, leather and leather goods, food processing, and pharmaceuticals. He stressed the cooperative nature of India-UAE relations, noting, “There’s no competition between our two countries. We support each other.”
He also highlighted the growing investment relationship, noting that the UAE has become the fifth-largest investor in India and has shown interest in foreign institutional investment (FII) in the Indian stock market.
Praising reforms introduced by Prime Minister Narendra Modi to improve the ease of doing business, Goyal added, “India’s economy will grow rapidly in the future. The UAE is a partner in India’s development journey, and we aim to move forward together.”
He further highlighted the rise of Indians working in the UAE, stating, “Ten years ago, only 2.2 million Indians were employed in the UAE. Today, that number has increased to approximately 4.2 million.”
Goyal is in the UAE for a two-day visit to co-chair the 13th India-UAE High-Level Task Force on Investments (HLTFI) with HH Sheikh Hamed bin Zayed Al Nahyan, underscoring the strong and growing partnership between the two nations. (ANI)
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