India’s exports are off to a strong start this financial year, growing by 6 percent in the first five months, Commerce and Industry Minister Piyush Goyal announced on Wednesday. He expressed full confidence that the year will wrap up positively, with exports continuing their upward trend.
“India’s exports have been growing steadily every year, and this year is no different,” Goyal said. “We’re already up by about 6 percent compared to the same period last year. I’m optimistic we’ll finish strong.” This boost in Indian exports highlights the country’s resilient economy amid global challenges.
At the same time, Goyal shared updates on ongoing trade talks with key partners like the United States, European Union, New Zealand, Chile, Peru, Oman, and others. These negotiations aim to open new doors for Indian businesses and boost global trade opportunities.
Goyal also praised the India-UAE Free Trade Agreement (FTA), calling it the world’s fastest-growing deal. “We negotiated, finalized, and signed it in just 88 days,” he noted. Since its launch, exports to the UAE have surged rapidly. “It’s a special bond—over 25 lakh Indians live there, working hard and contributing to both nations.”
To strengthen this vital partnership, Goyal heads to the UAE on September 18-19. He’ll co-chair the 13th India-UAE High Level Task Force on Investments with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).
The visit will review key areas like the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the Double Taxation Treaty, and UAE-India Central Bank cooperation. Leaders will also discuss investment chances in high-potential sectors such as maritime and space industries, which promise big growth for both countries.
During his trip, Goyal will join a UAE-India Business Council (UIBC) roundtable with UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi. He’ll chat with CEOs from top Indian and UAE firms and hold bilateral meetings to deepen ties in trade, investment, and priority sectors.
Expect Goyal to meet influential figures like UAE National Security Advisor and International Holding Company (IHC) Chairman Sheikh Tahnoun bin Zayed Al Nahyan, Abu Dhabi Department of Economic Development Chairman Ahmed Jasim Al Zaabi, and IHC Managing Director Syed Basar Shueb, plus other private sector leaders.
This follows the 12th India-UAE High Level Task Force meeting in Mumbai last October, where they ratified the Bilateral Investment Treaty signed during Prime Minister Narendra Modi’s UAE visit in February 2024. Since its start in 2013, the task force has driven trade and investment growth, spotted fresh opportunities, and fixed investor hurdles.
The UAE stands as one of India’s top strategic allies, with a Comprehensive Strategic Partnership built on strong political ties, economic links, and teamwork in energy, defense, technology, and food security. The CEPA, effective since May 2022, has supercharged bilateral trade—jumping from $43.3 billion in FY 2020-21 to $83.7 billion in FY 2023-24. It has also shifted focus to non-oil sectors, creating more diverse export avenues for India.
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