India and UAE Aspire to Elevate Bilateral Trade to $100 Billion
Commerce and Industry Minister Piyush Goyal has expressed the mutual ambition of India and the UAE to increase their bilateral trade to $100 billion. During the UAE India Business Summit at the Vibrant Gujarat Global Summit, Goyal emphasized ongoing efforts to facilitate rupee-dirham trade. He invited investors to engage in India's growth narrative, emphasizing the demographic advantage of a youthful and aspirational population. Goyal underscored the desire of both nations to explore innovative propositions from the industry and business sectors to strengthen their partnership further.
Minister Piyush Goyal noted the growth in bilateral trade facilitated by the India UAE Comprehensive Economic Partnership Agreement (CEPA). He highlighted key collaborations, including the India-Middle East-Europe economic corridor and initiatives promoting Rupay and direct rupee-dirham trade. Goyal praised the leadership of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi for enhancing the bilateral relationship. He stressed the importance of exploring new partnerships, identifying opportunities, and expanding cooperation across various sectors, envisioning the India-UAE partnership as a defining alliance rooted in shared history and mutual aspirations for progress.
Goyal underscored the diverse UAE-India business relationships, citing plans for a Bharat Park in the Jebel Ali Free Zone under DP World Group CEO Sultan Ahmed bin Sulayem's guidance. He expressed confidence in this initiative creating numerous opportunities for international trade, significantly boosting India's global visibility. The minister also commended Yousuf Ali Abdulqader, Vice Chairman of the Abu Dhabi Chamber of Commerce, for strengthening bilateral ties and highlighted substantial investments in India's growth, such as the establishment of a shopping mall in Kashmir.