India & UAE looking forward to take bilateral trade in non-petroleum products to 100 billion dollars by 2030

New Delhi: Union Minister for Commerce and Industry Piyush Goyal yesterday said that India and UAE are looking forward to take the bilateral trade in the non-petroleum products to 100 billion dollars by 2030. The Minister was speaking after the first meeting of the Joint Committee of India and UAE Comprehensive Economic Partnership Agreement, (CEPA), in the presence of Minister of State for Foreign Trade, UAE Dr. Thani bin Ahmed Al Zeyoudi in New Delhi.

Mr. Piyush Goyal said that currently India-UAE trade in non-petroleum products is worth 48 billion dollars, and both countries mutually agreed to take it forward to 100 billion dollars. Talking about the first meeting of the Joint Committee of India and UAE (CEPA), he said there are significant outcomes from the meeting to expand the trade and business opportunities between the two countries.

He said, the bilateral trade between India and UAE has seen a significant increase in the last one year and both the countries have also managed to be finalized (CEPA) in a record time of 80 days. During the meeting both the countries agreed to set up UAE- India CEPA



Council that serves as a vehicle for both the government and business community to facilitate the smooth implementation of CEPA.

The focus area of the new council will be in expanding the opportunities in MSME,  women entrepreneurs and startups sector. Later, Union Minister Piyush Goyal also addressed the Business community of both the countries during the sidelines of the event. He expressed confidence that the business community will help to achieve the target of 100 billion trade targets in non-petroleum products.

 

Key officials from India and the United Arab Emirates (UAE) attended the two days meet to review the progress of the year-old Comprehensive Economic Partnership Agreement (CEPA). Under the deal, both countries have exchanged tariff concessions on products of mutual export interests. The historical India-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed on 18th February 2022 during the virtual summit attended by Indian Prime Minister Narendra Modi and President of the UAE Sheikh Mohamed bin Zayed Al Nahyan.