In a significant development, Union Commerce Minister Piyush Goyal announced that India and the United Arab Emirates (UAE) are ambitiously working towards expanding their bilateral trade to USD 100 billion. The revelation took place during the ‘UAE India Business Summit’ at the 10th edition of the Vibrant Gujarat Global Summit.
Addressing the audience, Goyal emphasized the diverse nature of the India-UAE partnership, spanning various sectors such as space exploration, security, education, and climate action. He encouraged industry and businesses to submit fresh proposals to further enhance this multifaceted partnership. Goyal highlighted the substantial increase in bilateral trade under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and discussed the potential of the ambitious India-Middle East-Europe economic corridor initiative.
The event saw the launch of the UAE-India CEPA Council (UICC) website, a collaboration between Piyush Goyal, UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, and Gujarat Chief Minister Bhupendra Patel. Additionally, the summit featured the unveiling of a report titled “Unlocking Opportunities: India-UAE Start-Up Ecosystem Convergence,” focusing on the CII India-UAE Start-Up Initiative.
A dedicated session during the India-UAE Business Summit facilitated discussions on trade finance, investment facilitation, and sectoral collaboration. The delegations from both India and the UAE comprised representatives from the government and the industry. The session also included a presentation on Bharat Mart, a proposed warehousing facility in the UAE designed to support Indian exporters.
Remarkably, India-UAE trade surged to USD 85 billion in 2022, solidifying the UAE’s position as India’s third-largest trading partner for the year 2022-23 and the second-largest export destination. In July 2023, the two countries signed a Memorandum of Understanding to establish a framework promoting the use of local currencies for cross-border transactions, signaling a commitment to further strengthen economic ties.
The collaborative efforts showcased at the summit underscore the commitment of both nations to foster economic growth and explore new avenues for cooperation in trade, investment, and technology. As the India-UAE partnership continues to evolve, the prospect of achieving the USD 100 billion trade target remains a pivotal focus for the dynamic collaboration between the two nations.
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