India And UAE Set $100 Bn Non-Oil Trade Target

2025-09-22 02:08:54

(MENAFN- KNN India) New Delhi, Sep 22 (KNN) India and the United Arab Emirates (UAE) have agreed to scale up their non-oil, non-precious metals trade to USD 100 billion over the next three years, marking a new milestone in bilateral economic cooperation.

The announcement was made during the India-UAE High-Level Joint Task Force on Investments in Abu Dhabi, co-chaired by Union Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan of ADIA.

Minister Goyal highlighted the success of the Comprehensive Economic Partnership Agreement (CEPA), noting that bilateral trade between the two countries had already touched USD 100 billion within three years of signing the pact.

“We have now set a new goal of USD 100 billion in non-oil, non-precious metals trade, reflecting our commitment to diversify and deepen our economic engagement,” he said.

Industry leaders echoed this optimism. Manjul Pahwa, MD of Ralson Tyres, said CEPA was a“game changer” and expressed confidence in achieving and even exceeding the target, supported by the vision of Prime Minister Narendra Modi and Minister Goyal. He also called the UAE a gateway to the Gulf, Middle East, Africa, and a significant provider of capital and raw materials.

Dinesh Joshi, Chairman of Satyagiri Group, underlined opportunities in FMCG, personal care, nutraceuticals, and real estate, noting that trade potential has grown rapidly since CEPA's implementation.

Goyal also stressed that India and the UAE were working together in sectors such as renewable energy, shipbuilding, pharmaceuticals, and retail.

He confirmed that India is open to free trade agreements with Gulf Cooperation Council (GCC) countries and announced progress on the“Bharat Mart” project in Dubai's Jebel Ali Free Zone, which is expected to be operational by early 2027.

The minister described his visit as“very constructive,” adding that bilateral relations are poised for another leap forward.

(KNN Bureau)

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