According to Commerce and Industry Minister, Piyush Goyal, the UAE and India seek to double their non-petroleum bilateral trade by 2030, amounting to $100 billion, which currently stands at $48 billion.
This new objective was agreed on during the two countries’ first meeting for its Joint Committee Comprehensive Economic Partnership Agreement (CEPA), which had been implemented last year on 1 May.
During a meeting between Goyal and the UAE’s foreign trade minister, Thani bin Ahmed Al-Zeyoudi, on 12 June, the central banks of both nations are currently engaging in discussions for establishing rupee-dirham trade mechanisms.
Trade between New Delhi and Abu Dhabi has vastly increased during the last 12 months, as the two nations have bolstered trade in the petroleum sector, with the UAE being India’s principal supplier.
Goyal also reiterated that the India-UAE CEPA council will set up further provisions to extend the implementation of the agreement. Goyal added that he is encouraging local companies to seek refined products from India.
Zeyoud remarked that trade relations expanded rapidly following the signing of the CEPA, adding that there are several other sectors “where we [India-UAE] are looking to provide a further fillip to our robust trading ties.”
