India-UAE Trade Boost: Aiming for $100 Billion in Non-Oil Deals
India and the UAE are teaming up to supercharge their trade ties, targeting a whopping $100 billion in non-oil and non-precious metals trade over the next three years. This move positions the UAE as a key gateway to the Middle East, Gulf, and African markets, creating exciting opportunities for businesses on both sides.
Union Minister Piyush Goyal announced this ambitious goal during a press conference in Abu Dhabi on Wednesday. He highlighted how the Comprehensive Economic Partnership Agreement (CEPA), signed just a few years ago, has already pushed bilateral trade to $100 billion ahead of schedule. "We’ve hit that mark in three years," Goyal said, adding that now the focus shifts to diversifying beyond oil and gems. "Both teams will work hard to reach $100 billion in non-oil, non-precious metals trade," he emphasized.
Industry leaders are buzzing with optimism. Manjul Pahwa, Managing Director of Ralson Tyres, called CEPA a "game-changer" and praised Goyal’s vision along with Prime Minister Narendra Modi’s leadership. "I’m confident we’ll not just meet this target but exceed it," Pahwa told . He pointed out the UAE’s role as a major supplier of petrochemicals and a vibrant market for Indian exports like commercial tyres. Pahwa also noted that while some short-term challenges exist, like US trade issues, Goyal’s team will sort them out quickly. "Trade has to flow both ways—we’re ready to walk hand in hand," he added.
Dinesh Joshi, Chairman and MD of Satyagiri Group, echoed the excitement. His company handles distribution, marketing, and logistics for FMCG, personal care, and nutraceutical products in the UAE, plus investments in commercial real estate. "There’s huge potential in what India and the UAE have built," Joshi said. He mentioned that post-CEPA, trade has surged, and the new non-oil target is totally achievable. "Minister Goyal announced it at the high-level task force meeting, and I believe we can hit $100 billion without gems, jewelry, or oil exports."
Goyal’s visit to the UAE wrapped up on a high note on Friday, with him calling it "very constructive." He stressed the strong partnership, saying there’s no competition—just mutual support for growth. The two nations are collaborating in key areas like renewable energy, shipbuilding, pharmaceuticals, and retail. Goyal also revealed that UAE investments often factor in the India-Middle East-Europe Economic Corridor (IMEC) project.
A massive Indian business delegation—over 70 strong from groups like CII, FICCI, and ASSOCHAM—joined Goyal, marking the largest such group to visit the UAE. This shows the real hunger for deeper trade and investment links.
On free trade agreements (FTAs), Goyal shared that India is open to deals with Gulf Cooperation Council (GCC) countries. Talks with Oman are at an advanced stage and should wrap up soon, while others have shown interest.
Adding to the momentum, Goyal talked about Bharat Mart, a huge 2.7 million square feet complex in Jebel Ali Free Zone. "Tendering has started, construction kicks off later this year, and we expect it operational by early 2027," he said. Over 9,000 companies have already expressed interest, making it a game-changer for Indian exporters.
The visit included a key meeting of the India-UAE High Level Joint Task Force on Investments, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan of the Abu Dhabi Investment Authority (ADIA). Set up in 2013, this forum boosts economic ties by spotting investment opportunities and solving investor challenges for win-win outcomes.
With CEPA driving the charge, India-UAE trade relations look set for another big leap, promising jobs, growth, and stronger global connections.
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