India, United Arab Emirates (UAE) target to double non-oil trade to US$ 100 billion in three to four years

India and the United Arab Emirates (UAE) have set an ambitious target to double bilateral trade in non-oil and non-precious metals to US$ 100 billion within the next three to four years, up from the current US$ 50-55 billion. The decision was announced by Union Minister of Commerce and Industry Mr. Piyush Goyal during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments, which he co-chaired with Managing Director of the Abu Dhabi Investment Authority, Mr. Sheikh Hamed bin Zayed Al Nahyan. Union Minister of Commerce and Industry Mr. Piyush Goyal noted that growing trade in local currencies is further supporting ease of operations by reducing transaction costs for businesses.

He said both sides also agreed to explore new avenues for investment and collaboration across critical sectors, including maritime, defence, aerospace, and space technology. In addition, India and the UAE will work jointly on modalities to expand investments in regions such as Africa and the Gulf Cooperation Council (GCC), leveraging the UAE’s financial strength and India’s skilled talent pool. He is leading a 70-member business delegation as part of efforts to deepen trade and investment ties, underscoring the growing strategic and economic partnership between the two countries.

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