India and UAE Aim for $100 Billion Bilateral Trade, Unlocking a 21st Century Alliance

In a landmark announcement, India and the United Arab Emirates (UAE) set their sights on a staggering $100 billion bilateral trade target, solidifying their partnership as a powerhouse of the 21st century.

This ambition was unveiled by India's Union Minister of Commerce & Industry, Piyush Goyal, at the 'UAE India Business Summit' during the 10th Vibrant Gujarat Global Summit.

Beyond Trade, a Multifaceted Union:

Emphasizing the multifaceted nature of the relationship, Goyal highlighted collaborations in diverse areas beyond trade, including space exploration, security, education, and climate action. Both nations are actively seeking innovative proposals from industry and business to further strengthen their ties.

CEPA Fuels Trade Surge:

The India UAE Comprehensive Economic Partnership Agreement (CEPA) has already fueled a significant rise in bilateral trade, paving the way for increased economic cooperation. Key initiatives like the India-Middle East-Europe economic corridor and efforts promoting Rupay for direct trade between the Indian rupee and the UAE dirham are further streamlining business transactions.

Leaders Pave the Way:

Minister Goyal lauded the exceptional leadership of UAE President H.H. Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi for elevating the partnership to new heights. He envisioned the India-UAE alliance as a defining force in the 21st century, rooted in shared history and aspirations for mutual progress.

Gratitude and Collaboration:

Goyal expressed his appreciation to UAE Minister of State for Foreign Trade, H.E. Dr. Thani bin Ahmed Al Zeyoudi, and DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, for their contributions in fostering the enduring friendship between the two countries.

He particularly highlighted the planned Bharat Park in the Jebel Ali Free Zone, led by Sultan Ahmed bin Sulayem, as a catalyst for international trade and increased global visibility for India.

Beyond Business, Building Bridges:

Recognizing the significant contributions of individuals like Yousuf Ali Abdulqader, Vice Chairman of the Abu Dhabi Chamber of Commerce, Goyal commended his investments in India's growth story. He acknowledged the flourishing defense, cultural, and economic relations, pointing to the UAE's stability, business-friendly environment, and infrastructural advancements as key factors driving mutual prosperity.

A Call to Invest in India's Future:

Concluding with a focus on the future, Goyal invited investors to join India's vibrant growth story, highlighting the nation's demographic advantage and the aspirations of its 1.4 billion people. He assured full support for Dr. Thani's leadership in chairing the upcoming WTO Ministerial Conference 13 in Abu Dhabi, underscoring the strength of the India-UAE partnership.