India and UAE Target $100 Billion in Diversified Trade

India and the UAE aim to boost non-oil, non-precious metals trade to $100 billion over three years, as announced by Union Minister Piyush Goyal. Emphasizing diversified growth, sectors like textiles, fisheries, and pharmaceuticals will be prioritized. The UAE remains a key investor in India's expanding economic landscape.

In a strategic move to diversify economic ties, India and the United Arab Emirates (UAE) announced their ambition to reach $100 billion in non-oil, non-precious metals trade within the next three years. Union Minister Piyush Goyal made the announcement in Abu Dhabi, highlighting the rapid expansion of trade since the Comprehensive Economic Partnership Agreement (CEPA) was enacted.

"We've set a new goal today: both teams will work on achieving $100 billion in non-oil, non-precious metals trade," Goyal stated, signaling a shift towards broader economic engagement. This declaration came in the presence of a significant Indian business delegation, underscoring the growing interest and commitment from both nations.

Minister Goyal emphasized the absence of competition, rather focusing on mutual support between India and the UAE. Highlighting targeted sectors such as textiles, leather goods, and pharmaceuticals, Goyal conveyed the robust partnership and investor-friendly reforms spurred by Prime Minister Narendra Modi's administration.

(With inputs from agencies.)