India-UAE Aim to Double Non-Oil Trade in Coming Years

According to Piyush Goyal, the Commerce and Industry Minister, India and the UAE have agreed to double the bilateral trade in non-oil, non-precious metal trade to $100 billion in 3-4 years.

At present, the bilateral trade in non-oil, and non-precious metals is around $50-55 billion. The minister added that by leveraging India's skilled workforce and the UAE's investment capabilities, both parties have agreed to collaborate on ways to invest in areas such as infrastructure in the GCC (Gulf Cooperation Council) and Africa.

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These issues were discussed during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments here. It was co-chaired by visiting Goyal and Sheikh Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Investment Authority. "We have set a new target to double bilateral trade in non-oil and non-precious metals to $ 100 billion in the next 3-4 years,"Goyal told reporters here. He said both sides also explored new frontiers for investment and collaboration, especially in the maritime, defence, aerospace, and space sectors to drive mutual growth.

He noted that trade in local currency is also increasing. Local currency trade reduces transaction costs for traders and facilitates transactions. Goyal is heading a business delegation of 70 members here.