India and the United Arab Emirates (UAE) are taking their economic partnership to the next level. The two nations have set an ambitious goal to double bilateral trade in non-oil and non-precious metals to $100 billion within the next three to four years, up from the current $50–55 billion.
The announcement came during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments, co-chaired by Union Minister of Commerce and Industry Mr. Piyush Goyal and Mr. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority.
Boosting Trade in Local Currencies
Mr. Goyal highlighted that the growing use of local currencies for trade settlements is making cross-border business easier and more cost-effective. This shift is expected to reduce transaction costs and improve efficiency for businesses on both sides.
Expanding Collaboration Across Key Sectors
The discussions also focused on exploring new avenues for collaboration in high-potential sectors such as:
- Maritime and logistics
- Defence and aerospace
- Space technology
Both countries have agreed to work together to expand investments in Africa and the Gulf Cooperation Council (GCC) region. This strategy will leverage the UAE’s strong financial capabilities alongside India’s large and skilled talent pool.
Strengthening Strategic Ties
Mr. Goyal is leading a 70-member business delegation to the UAE, signaling India’s commitment to deepening its trade and investment relations with the Gulf nation. The move highlights the strategic and economic importance of the India-UAE partnership in shaping regional growth and innovation.
