India-UAE Target $100 Billion Trade Milestone
India and the UAE aim to double their bilateral trade to $100 billion in non-oil and non-precious metal sectors over the next 3-4 years. They are exploring investment opportunities in Africa and the GCC, and collaborating in maritime, defence, aerospace, and space sectors to enhance mutual growth.
India and the UAE are set to significantly increase their economic collaboration, aiming to double bilateral trade in non-oil and non-precious metal sectors to $100 billion within the next 3-4 years. This ambitious target was announced by Commerce and Industry Minister Piyush Goyal during discussions at the 13th India-UAE High-Level Joint Task Force on Investments.
Currently valued between $50-55 billion, the trade relationship is expected to expand not only in volume but also in diversity. Both nations have expressed intent to invest in regional markets such as Africa and the Gulf Cooperation Council (GCC), leveraging the UAE's financial prowess and India's skilled workforce.
Apart from infrastructure, new areas of collaboration include maritime, defence, aerospace, and space sectors. The initiative also sees a rise in trade conducted in local currencies, reducing transaction costs and enhancing operational ease, reported Goyal, leading a strong business delegation.
Google News