India is in "deep negotiations" to create 1 million homes in Australia and has reached out to the UAE for financial help on this project, Union Minister Piyush Goyal said, according to Indian news agency PTI.

While there is no immediate comment from UAE officials, Goyal had recently participated in discussions about economic ties with the Emirates.

According to Goyal, such a project in Australia would be an "opportunity of at least $500 billion".

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As reported by Khaleej Times, UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi met Indian counterpart Goyal in Mumbai as the two visionaries touched upon the importance of face-to-face dialogue in a robust economic partnership.

During their discussions, the ministers touched on the 2022 Comprehensive Economic Partnership Agreement (Cepa) which has turned into a firm, resilient tool for both countries' economic growth.

Non-oil trade between the UAE and India reached $37.6 billion in the first half of 2025, marking a 33.9 per cent rise compared to the same period last year. This surge has put both nations firmly on track to surpass the ambitious $100 billion annual trade target set when Cepa came into force in 2022.

Indian projects continue to make a mark in UAE, with the upcoming Bharat Mart, a 2.7 million square feet complex located in the Jebal Ali Free Zone (Jafza), serving as a hub for Indian manufacturers and exporters to showcase their products.

The UAE-India trade corridor has also become one of the fastest growing globally. With US President Donald Trump recently imposing 50 per cent tariffs on India in response to its import of Russian oil, India-UAE trade ties and economic partnership could prove more crucial than ever, as both countries navigate a changing geopolitical landscape.

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