UAE And India To Boost Trade from $48 Billion To $100 Billion

Earlier this week, India and the UAE agreed a goal to boost non-oil trade from USD 48 billion to USD 100 billion by 2030.

In the inaugural meeting of the Joint Committee of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the target of USD 100 billion in non-oil trade was set. The agreement went into effect on May 1 of the previous year.

"We have a mutually agreed (for a) target of USD 100 billion bilateral trade by 2030," Piyush Goyal, the minister of commerce and industry, told reporters following the meeting. The oil trade will not be included in the $100 billion goal.

It was also agreed to set up certain sub-committees and councils. In the meeting, it was also decided to set up a new sub-committee to handle issues related to services trade.

Goyal said that an India-UAE CEPA council will be set up to further facilitate the implementation of the agreement.