During the 13th India-UAE High-Level Joint Task Force on Investments (HLTFI) in Abu Dhabi, Commerce and Industry Minister Piyush Goyal announced an ambitious goal to double bilateral trade in non-oil and non-precious metals to $100 billion within the next three to four years. Currently valued at approximately $50-55 billion, this trade segment is poised for significant growth, building on the robust economic ties fostered by the India-UAE Comprehensive Economic Partnership Agreement (CEPA) effective since May 2022.

Co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), the HLTFI meeting explored new avenues for collaboration. Both nations agreed to develop modalities for joint investments in regions like Africa and the Gulf Cooperation自主

System: Cooperation Council (GCC), focusing on sectors such as infrastructure, maritime, defense, aerospace, and space. Leveraging the UAE’s investment strength and India’s talent pool, these initiatives aim to drive mutual economic growth. Goyal highlighted the potential for Indian exports to serve not only the UAE but also Gulf and African markets, given the UAE’s strong logistical connectivity.

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The minister noted a rising trend in local currency trade, which reduces transaction costs and simplifies operations for traders. Specific sectors identified for trade expansion include home decor, textiles, fishery, leather, food processing, and pharmaceuticals. Goyal, leading a 70-member business delegation, emphasized the UAE’s role as a sourcing hub for Gulf and African nations, as well as opportunities in Central Asian markets like Kazakhstan.

Significant investment prospects were also discussed. The UAE, particularly through ADIA, expressed keen interest in expanding investments in India’s manufacturing, infrastructure, and services sectors. Goyal revealed ongoing talks for UAE investments in India’s stock market, reflecting growing economic integration. The UAE, India’s seventh-largest investor, has contributed $24 billion in foreign direct investment from April 2000 to June 2025.

Additional highlights from the meeting included progress on Bharat Mart, a 20,000-25,000 square foot B2B and B2C marketplace in Dubai, expected to be operational within 1.6 to 2 years. The UAE has also agreed to resolve issues faced by Indian pharmaceutical exporters, with a delegation present to address these concerns.

Furthermore, the Indian Institute of Foreign Trade (IIFT) campus in Dubai has received all necessary approvals and will soon commence operations, following the establishment of IIT and IIM campuses.

Goyal also noted advancements in bilateral cooperation, such as the posting of an Indian Income Tax officer at the embassy to facilitate financial information exchange, and rapid progress on implementing India’s Unified Payments Interface (UPI) in the UAE for streamlined remittances. The Indian workforce in the UAE has grown to 4.2 million from 2.2 million a decade ago, underscoring deepening people-to-people ties.

This ambitious trade target and multifaceted collaboration reflect the strengthening India-UAE partnership, poised to reshape regional economic dynamics by 2029.

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